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The Federal Tax Service issued guidance on currency control offences
DATE: August 23, 2017 | AUTHOR: atlawyers
Russian Federal Tax Service issued guidance letter № ЗН-3-17/5523@ dated July 16, 2017 providing regulator’s view on how Russian legislation on Currency Control shall be construed. According to Tax Service’s view, failure to file a notice or cashflow report on a foreign bank account renders all transactions with such account in breach of currency control. Such violation is punishable by administrative fine of 75-100% of the transaction amount. The limitation period is 2 years.