The US Internal Revenue Service (IRS) has withdrawn the unique identification number GIIN, confirming the presence of many Russian banks in the IRS database.
Being in this database allowed them to avoid double taxation.
Among those who have faced the revocation of the number are the banks and their structures on the SDN-list, as well as a number of non-sanctioned credit institutions.
The U.S. IRS can now withhold 30% on any taxable payment to these banks and companies.
Including dividends on U.S. stocks can be taxed. This 30% will be written off not only from the bank or company that lost GIIN, but also from their customers, reports Frank RG.
