Banks to inform tax inspectors about currency buyers

Since this year tax authorities will receive information about citizens buying large amounts of currency.

Mikhail Rassolka, the Head of the main Tax Administration of Natural Persons of the Ministry of Taxes and Duties, told journalists, told BelTA: "Since this year the changes into legislation will allow us to receive information, based on the agreement with banks, about citizens who purchase great sums of currency. Past experience has shown that all the information we received from law enforcement agencies proves that some citizens with poor or no income acquired large amounts of currency".

The tax authorities already have enough information in respect of natural persons. "We have information about registration and deregistration of cars in the State Automobile Inspectorate, access to a database of real estate information, about crossing the border, purchasing and importing goods which is provided by customs bodies. It is quite large amount of information and, respectively, tax authorities are working with it", the Head of the main Tax Administration of Natural Persons underlined.

He says tax authorities analyze information on coincidence of income and expenditures. "We have some citizens, unfortunately, quite a lot, who with poor or low income make expensive purchases: real estate, vehicles and others. Definitely, tax authorities are interested in them. We have the appropriate information base, which allows identifying such individuals and requiring their income and property declaration. And those citizens not able to explain their income will be subjected to taxation", Rassolka said.

According to him, in Belarus over the past three years the tax authorities have had more than 65 thousand citizens under the preliminary analysis to determine the need to demand income and property declarations.