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Anyone doubting the fintech claim, have a look at this https://www-ft-com.libezproxy.open.ac.uk/content/38967766-aec8-11e9-8030-530adfa879c2 https://www-ft-com.

Anyone doubting the fintech claim, have a look at this https://www-ft-com.libezproxy.open.ac.uk/content/38967766-aec8-11e9-8030-530adfa879c2 https://www-ft-com.libezproxy.open.ac.uk/content/38967766-ae... TLDR: Russia's IRS/HRMC equivalent digitized VAT collection (similar to sales tax). Basically every 90 seconds all tills/cash registers across the country report back the sale to the taxman, so you don't even have to manually submit any VAT returns. Russia started with 20% tax gap between revenue due and revenue collected (while e.g. UK is at 9.1%), and now after this they are on 1%. My understanding it's almost real-time tax reporting with millions of tills acting as IoT devices sending data up.

SXX 6y ago
Russia also have instant payments for consumers between all major banks which are free for first ~$1400 / month (100,000 RUB) and it's should be soon available for businesses as well. It's all run by central bank. For fintech there is Tinkoff bank which is more advanced than Monzo / Revolut / N26 / etc as well as two "virtual" B2B fintech banks that even do accounting for entrepreneurs on their own. And to be honest even Russian largest state-owned Sberbank is far more advances than most of institutions in US and EU. So as long as your business can't be forcefully taken away and there are no political risks it's quite comfortable to be freelancer when it's come to taxes.