The media learned about the test clients from Russia to Swiss banks


Swiss financial holding UBS ensures that you meet the customers requirements of the Russian law on controlled foreign companies (CFC), “Vedomosti” reports with reference to the statement of the banker specializing in private banking

According to the interlocutor of the edition, the Russian managers call clients and warn of the need to provide a copy of the notice on KIK.

While UBS does not yet have formal requirements, but will do it soon, says a source, “Vedomosti”. One of the Bank’s clients told the publication that he had a conversation on this subject with the Bank Manager.

“To the question, what if I am unable to provide such notification, the Manager replied that the standards are very high at UBS, the Bank fulfills the law, so law-abiding customers, they are not able to work,” he said.

The UBS employee told the publication that customers actually received such letter, so they know about tax risk. In addition to UBS notifications sent to clients of Credit Suisse and the Swiss subsidiary of the Rothschild Group, told “Vedomosti”, the tax adviser auditor of the company.

The Bank requires clients to report that “they have complied with the requirements of the law and they have no claims from tax authorities”. Credit organizations demand from customers copies of notices or KIK consultant’s conclusion that the notice is not necessary, said izdaniy consultant of a large company, this applies mainly to companies, the accounts which have the means falling under the category of KIK. About the intention to introduce such a requirement was reported a few small Swiss banks, he said, without naming specific banks.

Partner UFG Wealth Management Dmitry Klenov told “Vedomosti” that there were already cases, when Swiss banks required customers from Russia evidence that they reported on KMC in the Russian tax service. “Banks were saying there are no notifications on KIK — do not have an account <…> the Bankers are afraid of charges of money laundering, because they were informed that the Russian citizen is obliged to notify the Federal tax service of having a KICK”, he added.

Representatives of Credit Suisse and UBS declined to comment to Vedomosti. The representative of the Rothschild Group has not responded to the request for publication.

The law on controlled foreign companies, which entered into force on 1 January last year, had obliged the owners share of 10% in a CFC to notify prior to 15 June, the Russian tax authorities. And since 2016 to pay tax on undistributed profits of the CFC at the rate of 20% for legal entities and 13% for natural persons — owners of a share of 50%, provided that the profit will be in 2015 50 million rubles, in 2017 the ceiling on it is reduced to 30 million rubles in 2016, and share — up to 25%. Deputy Finance Minister Sergei Shatalov after the approval of the law in the state Duma admitted that it failed to consider “numerous improvements”.

In December last year, President Vladimir Putin instructed the government until 23 December to ensure that the amendments to the law on Amnesty of capital, in order to extend her term by six months, until July 1, 2016. First Deputy Prime Minister Igor Shuvalov later acknowledged that the law actually works, and the business Ombudsman Boris Titov assessed the number of submitted declarations from 1 July to the beginning of December no more than 200 (these data confirm the tax consultants and a source close to the FTS). So before 15 February, the government “together with business associations of entrepreneurs, and given the position of the Supreme court” shall prepare and submit proposals for improving the law.

The edition “Kommersant” in December of last year wrote that the Ministry of Finance and the presidential administration agreed on amendments to the law on KIK. In particular, under the proposed amended terms of a tax-free liquidation will be extended for a year.