The Tax Service has tightened the requirements of currency control in relation to foreign assets

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The Tax Service has required taxpayers to report on the movement of financial assets on foreign accounts in financial organizations from January 1, 2021. Meanwhile, it should be mentioned that it is necessary to provide information not only about the cash flow, but also information on other financial assets.

The term financial assets includes, in particular:

  • securities;
  • derivative financial instruments;
  • shares in the authorized capital of a legal entity;
  • other financial assets.

The taxpayer who owns the specified financial assets is obliged to report the relevant information to the tax authorities by submitting reports. The new forms of reports were approved by the decree of the Government of the Russian Federation.