Russia's IRS wants access to all Russians’ bank accounts to combat illegal business operations

The Federal Tax Service wants access to all Russians’ bank accounts, including people who aren’t being audited. Sources told the newspaper Kommersant that the agency has submitted this proposal to Russia’s Finance Ministry, arguing that it’s necessary to combat illegal business operations.

Experts told Kommersant that the new authority would let the tax service monitor all funds deposited into Russians’ bank accounts, allowing officials to charge additional taxes when people receive undeclared income.

Currently, the tax service can only get access to Russians’ bank accounts within the framework of a formal audit. In 2017, the Federal Tax Service audited 20,000 companies and sole entrepreneurs and only 774 individuals.