Rostfinance has implemented a solution to ProgramBank. Tax of non-residents "

2023: Implementation of the ProgramBank Non-Resident Tax Solution

On August 8, 2023, ProgramBank announced the introduction of the decision "ProgramBank. Taxes of Non-Residents" in the Rostfinance Design Bureau.

KB Rostfinance is an actively developing bank working with all categories of individuals and legal entities. The increase in reporting requirements according to the CRS standard led to the decision to acquire a specialized solution "ProgramBank. Taxes of non-residents. "

Functionality of the "ProgramBank. Taxes of non-residents" solution in Rostfinance Design Bureau:

• Categorize contracts and accounts according to CRS reporting requirements.
• Identification of customers (counterparties) and controlling persons on these accounts.
• Identify and/or calculate account receipts to be included in CRS reporting - dividends, interest, etc.
• Check all clients and controlling persons for the status of a foreign tax resident. The check is carried out on the basis of account masks, legal entities' details, contact details of individuals, regular transfers of funds to an address in a foreign country, contacts of proxies, etc.
• Preparation of reports for automatic download on the website of the Federal Tax Service of Russia.
• Check and send the document to the Federal Tax Service.

The solution has been successfully implemented and operated in the bank in industrial mode. A specialized system ensures compliance with variable legislative requirements and removes non-core work from bank employees, fraught with a large number of errors.