Geolocation data will not replace a tax check, but it will help clarify information about the client.

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Geolocation data will not replace a tax check, but it will help clarify information about the client.
5th of March. /MEDIA TALK/. The Russian Ministry of Finance has stated that the geolocation data of bank customers will not be directly used to automatically determine their tax residency. However, such information will be the basis for a request to update customer data.

According to the new rules, financial organizations, including banks, insurance companies and brokers, will have to request information from Russian citizens specifying their tax residence. This applies in cases where the customer uses a remote service method using mobile applications from abroad. We are talking about the use of such services in more than 50% of cases for at least six months.


Photo: ru.freepik.com

The Ministry of Finance stressed that geolocation data will not replace a full-fledged tax audit, but will help clarify information about the client and ensure the correct fulfillment of tax obligations.

The new measures are aimed at increasing transparency and compliance with tax laws, as well as preventing possible violations.

Recall that in 2024, tax revenues to the budget of the Russian Federation increased by 20.3% and reached 56.3 trillion rubles.
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