On 29 June 2012, a law was adopted that permits the tax authorities to require that banks provide information based on the request of authorised foreign authorities (the “Law”). With the exception of certain provisions, the Law comes into force on 1 August 2012.
Under such a request, banks are obliged to provide information on the existence of bank accounts, deposits, cash balances, operation statements, as well as receipts on electronic cash balances, and the transfer of electronic cash. The amendments to the Law are also intended to improve the flow of electronic documents between banks and the tax authorities.
[Federal Law No. 97-FZ “On Amending Parts One and Two of the Tax Code of the Russian Federation, and Article 26 of the Federal Law ‘On Banks and Banking Activity’”, dated 29 June 2012]