What experts say about currency reporting

Member of the General Council of Business Russia Maxim Chereshnev believes that the requirement from Russian companies for more detailed data is a logical step in regulating foreign trade activities in modern conditions. “Since Russian business has learned to resolve issues related to interaction with foreign partners and the return of foreign currency earnings, the question of regulating this area of ​​activity has again arisen. The measure reduces the possibility of using non-market transactions, which has a positive effect on taxation. A large share of Russian exports at the moment consists of energy resources, non-ferrous and ferrous metals, fertilizers, precious metals – this is big business. We can say that the adopted changes will force major market players to reconsider their approach to conducting foreign trade activities, but SMEs will not feel drastic changes, the expert believes. However, exporters are already working in difficult conditions – it is important to harmonize legislation and carefully look at the consequences that arise companies due to difficulties with logistics, international transfers, and searching for new markets so as not to reduce export volumes.”

Director of the Department of Taxes and Law of the DRT company Anastasia Matveeva connects this decision with the fact that the addition of reports for legal entities and individual entrepreneurs “is apparently required to improve the control tool for registered with Russian banks under foreign trade contracts and loans issued to non-residents – the fact is that The relaxation of repatriation requirements introduced by Presidential Decree No. 529 of August 8, 2022 does not mean that the resident may, in principle, not receive funds or otherwise terminate obligations (for example, by offset), therefore information about these transactions will have to appear in the report.” .

In terms of verifying the accuracy of the data provided, Ksenia Gritsepanova, director of the practice for providing services in the field of banking and financial law “Trust Technologies”, notes that the automatic exchange of tax information still works with a significant number of states, in addition, tax authorities have other opportunities for checking information. Thus, adds Anastasia Matveeva, when submitting reports, legal entities and individual entrepreneurs must submit supporting documents – extracts and other documents. Kept partner Donat Podniek also reminds that in case of restoration of exchange with countries with which exchange is frozen, tax authorities will be able to check previous periods. At the same time, he emphasizes, carrying out transactions with violations can face significant fines (up to 40% or up to 100% of the transaction amount) or even criminal punishment, depending on the circumstances.

Evgenia Kryuchkova, Tatyana Edovina