Russia MOF Seeks Comments on Draft Bill to Amend AEOI-CRS Reporting Rules

The Russian Ministry of Finance July 17 opened a consultation on a draft bill to amend the rules on automatic exchange of information (AEOI) on financial accounts under the common reporting standard (CRS). The draft bill includes measures that would: 1) amend the definition of change of circumstances, passive non-financial organization, and financial institution; 2) determine changes in information on the tax residence of the beneficiary or entities directly or indirectly controlling the reporting entity; and 3) determine the beneficiary for annuity payments by financial market organizations under voluntary insurance contracts. The law would take effect Jan. 1, 2021. Comments ...