Russia Proposes Fines for Banks on Incorrect Tax Data Reporting

Russia's Ministry of Finance has proposed administrative fines for banks that transmit incorrect client account and e-wallet information to tax authorities, with penalties of 132,000 rubles for accounts and 105,000 rubles for e-wallets. The proposal, reported by Interfax citing a source, aims to improve tax data accuracy but its legislative status and enforcement timeline remain unclear. This signals tightening financial oversight in Russia, potentially increasing compliance costs for banks.

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