The government supported fines for non-sale of foreign currency earnings – Kommersant

The government gave positive feedback to bill a group of deputies and senators on the introduction of fines for violating the rules of mandatory sale of export proceeds. The initiative is conceptually supported, but with comments, it is reported “Vedomosti” with a link to the document.

The authors of the bill were recommended to set a maximum fine. Now it is proposed in the document at the level of 40–50 thousand rubles. for officials and in the amount of 3/4 to one size of the amount of foreign currency earnings not sold in the prescribed manner for legal entities.

The group of deputies and senators also needs to determine which department will deal with such cases. Foreign exchange control in Russia is carried out by the Federal Tax Service, Rosfinmonitoring, the Central Bank and the Federal Customs Service. As the government notes, the authors also incorrectly formulated the time frame for exporters’ liability. The bill suggests that fines will be possible for violations starting from October 11, when the presidential decree on the sale of foreign currency proceeds was issued. As the government writes, establishing administrative liability retroactively is contrary to the Constitution.

The decision was agreed upon with the Ministry of Justice, the Ministry of Economy and the Ministry of Finance. The Ministry of Finance told Vedomosti that the document was supported because it establishes liability for violations of the presidential decree.

The presidential decree on the return of mandatory repatriation of foreign currency earnings for a number of companies and its sale on the Russian market is closed character. The list of organizations is not disclosed, however, according to data “Kommersant” included companies whose share of exports in revenue exceeds 60%.

About the proposed fines – in the article “Kommersant FM” “Persuasion by fines”.

Leonid Uvarchev