The Federal Tax Service will receive access to people’s deposits and banking cards data

Starting from 1 July 2014 banks are required to inform tax authorities about opening and closing of individuals’ deposits, cash flow, changes of corporate details. Up to now credit institutions reported to tax authorities data about opened accounts of legal entities and individual entrepreneurs.

Besides, the company or individual won’t be able to open new account or banking card if they have even one blocked account; the Federal Tax Service will inform banks about this. Also from 1 July, the tax authorities will be entitled to require information about existence of accounts and their balances even outside of tax audits.

All these measures are primarily directed on reduction of tax offenses and increase of tax collecting.

In this connection, the danger of different law-enforcement practice of new norms is appearing. This might influence deterioration of business climate: fiscal authorities may close the account because of late tax payment. The question how legal entities or individual entrepreneurs will make payments under current contracts and liabilities if they can’t open new account in a bank - is still open.

Besides, tax specialists may have questions to individual about the origin of money, if his/her banking cards show significant regular sums (non-wage), but thus he/she is not registered as individual entrepreneur. In such case The Federal Tax Service may impose on these revenues 13% of personal income tax, and also add penalties for business activity without registration, tax evasion and failure to submit reports.

On the other hand, if men observe the law and meet their obligations on time - no problems will arise.