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The requirement of reports on foreign Bank accounts for Russian citizens. Further clarification

In December 2015, the government of Russia adopted the resolution №1365 «About the order of representation by physical persons – residents to the tax authorities reports on the movement of funds on accounts (deposits) in banks outside of territory of the Russian Federation». In accordance with this resolution, individuals – residents must annually until June 1 to provide the Russian tax authorities at the place of their registration reports on movement of funds on accounts (deposits) in banks outside of territory of the Russian Federation.

Resident who fails to provide such report within the specified period shall be deemed violators of the tax legislation and they may apply penalties. Details and comments about this ruling and its possible consequences for Israeli citizens, retained Russian citizenship, editorial NEWSru.co.il published on June 29 this year.

On 27 September, the Russian state news Agency RIA Novosti has published additional clarification in consideration of the corresponding bill of the Ministry of Finance of the Russian Federation.

In this explanation it says: «Citizens of Russia will always be considered to be the currency by residents, regardless of how much time they may have lived outside the country… foreign Exchange residents are required to notify the tax authorities about opening of accounts in foreign banks and to report annually on the movement of funds in such accounts. This is now the Russians who legally reside abroad a year or more, you lose this status. The proposed changes, as analysts predict, will affect at least two million people. According to the Ministry’s initiative, in case if the Russians, who a year or more living abroad decide to return home, they will be required to report on foreign accounts and currency transactions for the entire period of absence in the country.»

To date, it remains unclear whether Russian law to require such reports from Russian citizens permanently residing abroad, but regularly (e.g. once a year) for short term visitors to Russia.

According to the text of the explanatory note for the draft Federal law On introducing amendments to the Federal law «On currency regulation and currency control» posted on the website regulation.gov.ru it is planned to amend the bill that will allow the release of such citizens to submit such reports. In this document, in particular, said: «the Bill proposes to exempt citizens of the Russian Federation, permanently residing legally in a foreign country in accordance with the laws of that foreign state or temporarily residing legally in a foreign country in accordance with the laws of that foreign state for at least one year, provided that the periods of permanent residence in a foreign country or temporary stay in a foreign country can be interrupted for periods of temporary stay in the Russian Federation General term of not more than three months within each calendar year, where was the place of permanent residence in a foreign country and/or temporary stay in a foreign state from execution established by article 12 of the Law the requirements to open accounts (deposits) in banks outside of territory of the Russian Federation, carrying out of these accounts (deposits) foreign exchange transactions and reporting the movement of funds in these accounts (deposits) (amendment of part 8 of article 12 of the Law). The proposed bill total short-term stay of citizens of the Russian Federation in the Russian Federation (no more than three months within each calendar year) determined by the analysis emerging from different categories of citizens in real-life situations (visit to the Russian Federation in connection with vacation, visiting relatives, vacation students abroad students during the holidays, etc.)».

At this stage there is a discussion of the bill. The proposals can be sent to the head of Department of currency regulation and regulation of the financial supervision of the Ministry of Finance of the Russian Federation Elena Berdnik at Elena.Berdnik@minfin.ru. We recommend you check the status of the bill to the treatment of proposals to the address specified as the probability that a similar suggestion has already been submitted and considered.

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The requirement of reports on foreign Bank accounts for Russian citizens. Further clarification 27.09.2016

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