Russia's stalled financial data-sharing plan targets hidden income and tax evasion

A proposed system for sharing financial data between Russia's Central Bank and tax authorities remains unimplemented. The Finance Ministry first announced the plan in 2023, yet no progress has been reported since. Officials now want automatic alerts and deeper analysis of recurring payments rather than one-off transactions. Under previous rules, tax authorities could only access bank account details under strict conditions. The new proposal would allow regular data exchanges between the Federal Tax Service (FNS) and the Central Bank. Their focus is on systematic transfers, which may hide undeclared wages, rental earnings, or retail sales.

Regulators are tightening oversight of transfers between personal bank cards. Recipients could soon face questions about the source of funds to avoid taxes or fines. The system would also require linking accounts to taxpayer identification numbers (INNs), creating a fuller record of individuals' income.

With stricter monitoring, people may respond in two ways. Some might move entirely off the books, while others could register as self-employed and pay the 4–6% tax rate for legal certainty. The planned data-sharing system has yet to materialise, despite the 2023 announcement. If implemented, it would shift scrutiny toward recurring payments and force individuals to explain transfers more often. The changes could push more people toward formal self-employment or underground financial activity.