In the state Duma proposed to toughen reporting on foreign accounts

The state Duma Committee on financial markets prepared for the second reading a bill that requires residents of the Russian Federation to submit to the Federal tax service reports the movement of any financial assets in the accounts abroad. For consideration by the Duma of the document will be submitted on 21 July, reported RIA Novosti on the Committee.

Version of the first reading allowed to credit to the accounts of representative offices and branches of Russian companies abroad received from non-residents insurance payments, payments under the contract of purchase and sale of vehicles and property, a refund for defective goods or services, and also returned the security Deposit under the lease. In addition, Russian transport companies have been allowed not to return foreign currency earnings in Russia when offsetting with non-residents if the transactions between them are carried out according to the rules of international transportation.

The Committee supported a number of amendments to the bill. They also oblige Russian residents, who now must submit to FNS a report on foreign accounts (deposits), to indicate information about the movement, not only money, but also other financial assets.

It is expected that the law will come into force 10 days after official publication, and provisions on the submission of information on operations with financial assets on foreign accounts, with some exceptions, will apply from 1 January 2021.

Now the Russian legal and physical persons, with some exceptions, are required to submit tax reports on movement of funds on accounts and deposits in foreign banks and other financial institutions.

This requirement does not apply to consular offices, diplomatic and other official representative offices of the Russian Federation abroad. There is no such obligation and individuals, having a Bank account in the States or foreign country, which in automatic mode exchanges with Russia financial information and the amount credited or debited funds or their balance does not exceed 600 thousand rubles a year, or the account transactions were not carried out during the year. Citizens who are abroad for more than 183 days during the year, also don't report foreign accounts.