Media & Resources
The Russian Tax Authorities have disclosed the number of foreign bank account of Russian individuals
DATE: August 26, 2024 | AUTHOR: AT
The Russian Tax Authorities reported that by the end of 2023, 539,000 Russian residents had foreign bank accounts. The total number of such accounts was 1.8 million. This information was obtained under the automatic exchange of information with foreign countries.
The number of foreign bank account of Russian individuals increased by 164% in 2023.
The automatic exchange of information also gave an opportunity for the Russian tax authorities to identify the failure to pay Russian personal income tax.
So, the presumption that the automatic exchange of financial information does not exist anymore with Russia is wrong. We recommend complying with the obligation to disclose foreign accounts to the Russian tax authorities in due time.
