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Thursday, August 24, 2017

Foreign accounts remained in the shadows

Until 1 June the Russians for the first time are required to report to tax authorities about their foreign accounts. Representatives FNS have refused to disclose information about how many people have already filed reports. Experts believe that the new law failed miserably.

photo: Gennady Cherkasov

How many Russians is the depositors of foreign banks, are the most popular, is unknown. In FTS, the Central Bank, the Federal financial monitoring service assured “MK” that such statistics do not exist. In the Internet “walk” to different numbers: some estimates place the figure at several hundred thousand people, the other 1.5–2 million Because the account abroad open almost all buyers of real estate abroad, parents whose children attend the “over the hill”, downshifters (living for yourself. — “MK”) and even those who left retired, handing over the homeland homes for rent.

On the website of the Central Bank posted the results of a survey of individuals making cross-border transfers from Russia to foreign accounts through the payment system. So, if you subtract out the migrant workers, sending earnings to the countries of the near abroad, Russian citizens the most popular payments for current expenses of the family. And 1/3 of the transfers exceeds $600.

Until last year, the report on movement of funds in foreign accounts in tax provided only to legal entities and individual entrepreneurs. As a result of amendments to currency legislation from 1 January 2015, this has become a concern of all citizens. However, the special reporting forms and penalties earned just now.

Annual report to send to the tax authorities by June 1 by registered mail or via personal Cabinet. The tax resident needs to assure the Internet-the notice with an electronic signature.

Since the end of last year on the website of the Department available a special form. “We streamlined it,” — said in FNS, flatly refusing to name the exact number of people who have already passed the reports. It identifies the Bank name and country where the account is opened, the room, the balance at the beginning and end of the year, the total amounts of deposits and withdrawals. Attach to the report of Bank documents, statements do not have. However, this does not mean that the tax will not ask you for more information about these or other operations. If you have trimmed their foreign stash, then information about it should officially declare with all the consequences, including paying 13% tax on income of physical persons (interest on Bank account, income from rental housing fees. — “MK”).

Criminal liability for failure to disclose such information is not provided. If the investor will not hand over the report, it fined a maximum of 3 thousand. If he “ignores” this duty to 5 thousand For repeated violation — 20 thousand However, the first step is the hardest.

“The severity of Russian laws kompensiruet by not having their performance, — says adviser on macroeconomics General Director of a DB “Opening” Sergey hestanov. — Here is an important law enforcement practice. In the United States for trading with insider information is possible to obtain a prison term of more than murder. In Russia, this article is de facto not working. So I’d wait a year or two before to assess the novel. Would not work as the law “On controlled foreign companies (CFC)”. Russians owning Kicks, very slow at reacting to the obligation to submit the Declaration in FNS. For this reason, last year the deadline for submission of documents is pushed back a few months. It didn’t help that the number of returns is calculated in the best case hundreds. Therefore, by analogy with the Kicks, I will assume that, most likely, the story with foreign accounts Russians face the same fate”.

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