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Amendments to Tax Code concerning tax liability for financial market organisations and their clients

November 29, 2021

Vladimir Putin signed the Federal Law On Amendments to the First Part of the Tax Code of the Russian Federation

The Federal Law specifies individual provisions of the law of the Russian Federation on taxes and duties, which regulate the automatic exchange of financial information with foreign states (territories), and establishes tax liability for financial market organisations and their clients.

Under the Federal Law, tax sanctions may be imposed on financial market organisations for submitting incomplete or inauthentic information to the tax authorities.

The Federal Law also establishes tax liability of financial market organisations’ clients for submitting incomplete or inauthentic information at the request of such organisations.

November 29, 2021