The State Duma approved a 2.5-fold increase in fines for non-market prices in foreign transactions
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The State Duma adopted in the second reading bill, tightening control over business violations of currency legislation when using non-market prices in transactions. According to the amendments to the second reading, fines for businesses for non-market prices for external transactions are raised from 40% to 100% of the amount of unpaid tax.
Now fines cannot be less than 30 thousand rubles. If the law is adopted, this level will increase to 500 thousand rubles. The Ministry of Finance also proposed expanding the list of persons who will be considered interdependent (now any taxpayers can be such), and also increasing the fine for failure to provide information on a controlled transaction from 5 thousand to 100 thousand rubles. The fine for failure to provide national or global documentation will be 1 million rubles, for failure to provide documentation regarding a specific transaction – 500 thousand rubles.
Sources Forbes note that the amendments to the second reading were introduced on the night of November 7, that is, less than two days before the second reading on November 9. According to the head of the expert center on tax and budget policy, Business Russia, Kirill Nikitin, the amendments proposed for adoption in the second reading were “extremely significant.”
On September 29, the government submitted the bill to the State Duma for consideration. Deputy Head of the Ministry of Finance Alexey Sazonov was appointed as the government representative within the framework of consideration of the initiative. In May, Mr. Sazonov announced that fines would be raised to 40% of the tax base adjustment. At today’s meeting, he said that the purpose of tightening pricing controls is to combat tax evasion. On November 2, he stated that the adoption of the bill would reduce the number of cases “when foreign exchange earnings from foreign trade transactions are not returned to Russia due to abuses by taxpayers through the use of non-market prices in transactions.”
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