Starting March 17, Russian tax authorities will have expanded access to banking secrecy.
Within three days of the request, banks will be required to provide tax authorities with copies of clients' passports, copies of powers of attorney for the disposal of funds, copies of the agreement for opening an account and applications for closing it, as well as copies of cards with sample signatures and seals.
Credit institutions will be obliged to provide information on beneficial owners, client representatives, as well as beneficiaries, including information regarding individual transactions or for a certain period in electronic form or on paper, RIA Novosti reports.
All such information constituted banking secrecy about individuals, individual entrepreneurs and organizations, but now the list of information banking institution should provide to the tax authorities has been expanded: previously, tax authorities could receive data on accounts and deposits of bank clients only as part of tax audits. The innovation will give them the right to request information outside of those inspections.
