Have you opened a bank account abroad? Don’t forget to tell the tax office
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Due to the fact that Russian bank cards no longer work abroad, and the possibilities of the MIR payment system are very limited, Russians have begun to open accounts in foreign banks en masse. But not everyone knows that it is necessary to notify the tax authorities in their home country about this.
The Federal Tax Service (FTS) of Russia reminded citizens that they are required to inform the tax authorities about the opening of all foreign accounts in banks and other financial market organizations, including when receiving cards for such accounts. This must be done no later than one month from the date of opening an account abroad.
Why do I need to report my foreign accounts to the tax office and what will happen if this is not done? This was told to Moskovskaya Pravda by Polina Gusyatnikova, senior managing partner of the law firm PG Partners.
“Indeed, Russian citizens, in accordance with Part 2 of Art. 12 and part 10 of Art. 28 Federal law dated 10.12.2003 No. 173-FZ “On currency regulation and currency control” are required to notify the tax authorities about the opening or closing of accounts abroad within a month. This is done so that the Russian tax service knows about all your income and monitors whether you pay due taxes to the budget of your country. Russian banks submit such information automatically, while foreign ones do not, so the obligation to inform the Federal Tax Service about opening accounts abroad lies with the citizens themselves, ”the lawyer said.
The expert noted that you need to notify the tax office of your foreign accounts using a special form, and the easiest way to do this is through the taxpayer’s personal account. To do this, go to the “Life Situations” section, select the “Inform about a bank account located outside the Russian Federation” item there and fill in all the required fields.
If the tax authorities do not receive this information or they do not arrive on time, the person faces a fine.
“If you notified the tax office later than the deadline or in an improper form, then, in accordance with Art. 15.25 Administrative Code of the Russian Federation “Violation of the currency legislation of the Russian Federation …”, you will be fined from 1000 to 1500 rubles.
If you did not report foreign accounts in principle, then the fine will be from 4,000 to 5,000 rubles.
Also, before June 1 of the next year, you are required to submit a report on the movement of funds on foreign accounts. If this is not done, you can be fined from 2,000 to 3,000 rubles,” explained Polina Gusyatnikova.
Those who live abroad for more than 183 days a year do not need to inform the Russian tax authorities about the presence of foreign accounts. However, if next year a citizen of the Russian Federation is going to spend more than 183 days on the territory of Russia, then the Federal Tax Service must be notified of the opening of foreign accounts before June 1 of the next year.
Alena Bodrienko.
Photo by the press service of the Federal Tax Service of Russia
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