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21.07.2014 Federal law “On introduction of amendments to separate legal acts of the Russian Federation” N 218-FZ, including Federal law “On currency regulation and currency control” dated 10.12.2003 No. 173-FZ (further referred as “the Law”) was adopted. The Law is aimed at certain liberalization of the currency legislation.

DATE: August 26, 2014 | AUTHOR: atlawyers

Thus, the Law extends the list of grounds for which the RF residents are entitled to deposit funds to accounts in foreign banks. Since August 2, 2014 the RF residents are entitled to deposit interests on deposits, insurance payments from nonresident insurers and some other categories of funds to foreign accounts.

Nevertheless, since January 1, 2015 individuals being the RF residents will be obliged to provide the tax authorities by place of their accounting with reporting on cash flow abroad. However, this procedure has not been formalized yet. The issue of an individual’s responsibility for breach of this duty is still open. At present time a breach of duty to provide tax bodies with such reporting by legal entities leads to administrative fine in the amount from 40 000 to 50 000 rubles.

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