Russia's sweeping tax crackdown targets undeclared cashless income and imports
The Russian government has proposed a new law to strengthen tax oversight on cashless earnings by individuals. The draft bill, now under review by the State Duma, targets undeclared income and tightens controls on financial transactions to reduce tax evasion. Under the proposed legislation, banks will be required to report all account openings and closures linked to taxpayer identification numbers (INN) to the Federal Tax Service. If an individual does not have an INN, one will be automatically assigned before an account can be opened. The Central Bank will also share data on individuals showing entrepreneurial activity or regular income from private sources.
The bill introduces stricter monitoring of imports from the Eurasian Economic Union (EAEU), particularly for goods subject to mandatory labelling or traceability. Most provisions will come into force nine months after the law's publication, though market price checks for imported goods will begin on January 1, 2027. The Federal Tax Service will gain broader access to bank statements for 'analytical purposes,' even without launching an official tax inspection. The government estimates that implementing these changes will cost around 5.86 billion rubles between 2026 and 2028, primarily for IT system upgrades. If approved, the measures could generate an additional 49.3 billion rubles in annual budget revenue starting in 2027.
The draft law aims to close loopholes in tax reporting and increase transparency in financial transactions. Once enacted, it will require banks to share more data with tax authorities while expanding oversight on both domestic and cross-border transactions.
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