Media & Resources
Administrative liability tightens for failure to repatriate funds in international business transaction.
DATE: February 29, 2016 | AUTHOR: atlawyers
Administrative liability tightens for failure to repatriate funds in international business transaction. Until recently ss. 5 s 15.25 of the RF Code on Administrative Offences provided that such offence shall entail fine calculated as 75% to 100% of non- repatriated funds. This provision is now supplemented by additional fine to be calculated as punitive interest at 1/150th of Russian Central Bank refinancing rate per day (which currently is 26,77% per annum). The amendments came into force as of February 26, 2016.