Foto: tradersunion.com
The main change is the inclusion of digital assets, such as cryptocurrencies and e-money, in the reporting system. This will allow tax authorities to track income in this area just as they already do with traditional bank accounts.
The need to update the rules arose because modern financial markets and digital assets are becoming increasingly popular.
In practice, this means that once the document is ratified by parliament, financial institutions will be required to apply stricter verification rules and include new types of assets in their annual reports starting in 2027. The first reports under the new rules will be submitted in 2028. This will provide the State Tax Service with an additional tool to monitor compliance with tax obligations.
As the draft’s authors note, this measure will help reduce the risk of income being hidden abroad. To date, more than 70 countries have already acceded to the amendment.
After review by the committees, the draft amendments are subject to ratification by Parliament.
