The Federal Law specifies individual provisions of the law of the Russian Federation on taxes and duties, which regulate the automatic exchange of financial information with foreign states (territories), and establishes tax liability for financial market organisations and their clients.
Under the Federal Law, tax sanctions may be imposed on financial market organisations for submitting incomplete or inauthentic information to the tax authorities.
The Federal Law also establishes tax liability of financial market organisations’ clients for submitting incomplete or inauthentic information at the request of such organisations.