Information updated: 06/14/2019
If an entrepreneur cooperates with foreign companies, then he becomes a participant in foreign economic activity - foreign economic activity. This activity has a number of nuances that must be taken into account. Otherwise, you may face serious problems with banks, tax authorities and governments.
In this article you will learn what foreign economic activity is and how it is regulated. Here we will also look at the main problems that an entrepreneur may most often encounter when conducting foreign trade activities.
Foreign economic activity, or FEA, is any economic activity that involves interaction with other states and foreign companies. Foreign trade activities include international trade, import and export of products, investments in foreign companies, participation in international projects, obtaining financing abroad and other types of activities.
States and their structures, banks, companies, individual entrepreneurs and even individuals can participate in foreign economic activity. For different categories of participants there are both general rules and specific restrictions and features. They all need to be taken into account when interacting with other countries. In this article we will consider only the rules and features of conducting foreign trade activities for business.
States regulate foreign trade activities in various ways and establish rules for its conduct. At the same time, participants in the foreign economy need to take into account the rules and requirements of several countries at once. With some of them it is easier to conduct foreign economic activity, with others it is more difficult.
There are several main types of foreign trade activities:
The procedure for conducting it and legal restrictions depend on the type of activity. In most cases, entrepreneurs with foreign trade activities and financial transactions. Therefore, further we will take into account only them.
The main law regulating foreign trade activities in our country is the Federal Law “On the Fundamentals of State Regulation of Foreign Trade Activities”. It defines the main methods and tools for regulating interaction with other countries.
You can also note the laws “On currency regulation and foreign exchange control”, “On export control” and “On technical regulation”. They determine the rules for conducting certain types of foreign trade activities.
The main control over foreign economic activity is exercised by the Ministry of Industry and Trade. Other regulatory bodies are appearing in different areas: in the scientific sector - the State Committee for Science and Technology, in the financial sector - the Central Bank and Vnesheconombank, in the export-import sector - the Federal Customs Service. At the regional level, foreign economic activity is controlled by specialized local government bodies.
If an entrepreneur decides to engage in foreign trade, he will face new business difficulties. It is necessary to open a foreign currency account, undergo currency control for each transaction, and resolve the issue with the customs service. Let's consider the main problems that have to be solved when conducting foreign economic activity:
Before starting foreign economic activity, you must open an account in foreign currency. This can be done at any bank - not just the one where you opened your main current account. In the first case, it is usually enough to send an application and sign an agreement. In the second, it is necessary to prepare a package of documents necessary for opening a cash settlement.
The foreign exchange account is divided into two components - current and transit. The current account stores money in foreign currency, and it is also used to transfer money to counterparties. The transit account is used to credit receipts and pass exchange control. Money from a transit account can be withdrawn to a current account or exchanged for rubles.
If you are going to work with European companies, then it is best to open an account in euros, otherwise - in US dollars. To work with companies from China, you can open an account in yuan, but only a few large banks offer such accounts.
When choosing a bank to open a foreign currency account, take into account all the conditions - the number of available currencies, conversion commission, cost of foreign currency payments, cost of opening and maintenance. Remember that sometimes foreign currency accounts cannot be opened at the basic rates of cash settlement services. Also, some banks offer accounts with special conditions for foreign trade.
Before concluding a transaction with a foreign company, you need to check its reliability. Transactions with counterparties from other countries are always riskier, so they need to be checked more carefully. In addition, due to cooperation with unreliable and suspicious companies, you may have problems with the tax and customs services of both countries.
There are several ways to check information about a foreign counterparty:
This is the name of the system of measures that regulate the circulation of foreign currency and compliance with the requirements of currency legislation. All transactions with foreign companies go through currency control. Its purpose is to confirm the legality of the transaction and the fulfillment of obligations between its participants.
Supervision over the implementation of currency control is carried out by the Central Bank, the Government, the Ministry of Finance and the Customs Service. Its direct implementation is carried out by agent banks, which are vested with certain powers. They monitor the correct execution of the transaction and compliance with its terms. You can find out whether your bank is an authorized agent on the website or in the support service.
If the object of the transaction (for example, a consignment of goods) does not cross the Russian border, then currency control is not required
The entrepreneur is given 15 days to pass exchange control. This period is counted from the day the money is received in the transit account or the goods cross the border. The currency control procedure consists of several stages:
From March 1, 2018, it is no longer necessary to issue a transaction passport. Instead, agent banks will register contracts in the amount of 3,000,000 rubles (for import) or 6,000,000 rubles (for export). The remaining stages of currency control remain the same.
The entire currency control procedure goes through an agent bank. He helps prepare all the necessary documents, registers contracts, generates reports and advises the client. In many ways, the speed and success of passing control depends on the choice of agent bank.
To use the services of an agent, you must open a bank account at a rate that provides for currency control. You need to open a foreign currency account in the same bank. The cost of supporting a foreign exchange transaction depends on the bank’s tariffs; each expense item (preparing a transaction passport, issuing certificates, consultations, etc.) is paid separately.
This process consists of two important stages - searching for a carrier and going through customs clearance. This can be done either by you or by an intermediary company - a customs broker. In the first case, delivery support is entirely your responsibility. In the second case, this is done by an intermediary for an additional fee.
It is best to entrust the transportation of goods to a specialized company - a forwarder or carrier. She will be able to deliver the goods in the way you need and ensure their storage and safety. When choosing such a company, take into account the methods of delivery of goods, the countries and regions with which it works, the organization of transportation, the availability of insurance and the availability of additional services. It is advisable to contact proven and reliable companies with a large number of reviews.
Once the goods arrive at the border, they will need to go through customs clearance. It consists of several stages:
To undergo customs clearance, you will need to prepare the following documents:
You can provide both originals and copies of documents - in the second case, they need to be certified by a notary.
It is very difficult to carry out customs clearance of cargo yourself. Therefore, sometimes it is easier and more profitable to turn to a customs broker for help. He will not only be able to resolve the issue with customs, but will also help you find a carrier, organize storage and delivery of the goods, and, if necessary, explain to you all the unclear points.
Sometimes a bank guarantee may be required to conclude a transaction with a foreign guarantee. This is an obligation under which the bank pays compensation to its client's counterparty if the client has violated its obligations. you will learn more about how this financial instrument works.
In general, for foreign economic activity, bank guarantees are valid in the same way as for transactions within the country. The only difference is that in this case they can be issued in foreign currency - for example, dollars or euros. For transactions with foreign companies, you will need a guarantee of payment, performance of a guarantor or return of the advance payment.
It is best to apply for a guarantee for foreign trade activities to a large and reliable bank, which is known not only in Russia, but also abroad. A good option would be the Russian branch of a foreign bank, for example, Raiffeisenbank. Please note that if you have not previously used the services of an organization and have not opened a current account with it, then the requirements for you may be much stricter.
Separately, customs guarantees are distinguished, which serve to ensure customs payments. Most often, they are needed to arrange installment plans or deferred payments, obtain excise stamps, store and transport imported goods. Only banks that have permission from the Federal Customs Service have the right to provide such guarantees. You can check the availability of such permission in the registry on its website.
Sometimes, in order to conduct business abroad more efficiently, a company may open a branch or representative office in another country. For example, if in your home country the market is underdeveloped or, on the contrary, oversaturated. The procedure for opening a branch abroad has a number of its own features and nuances that must be taken into account.
The decision to open a branch abroad is made by the founders. If it is positive, then it will be necessary to amend the charter and approve the regulations on a separate division. It is necessary to register a separate name, which will not coincide with the head office, and appoint branch management.
It is also advisable to prepare a business plan for your unit and plan its development in advance
Study in advance the procedure for registering a branch in the country you are going to enter. Different states create certain conditions and restrictions for representative offices of foreign companies. In some countries (for example, offshore), it will be easier to create a branch, in others it will be much more difficult.
After making a decision, it is necessary to provide the future branch with property (real estate, equipment, etc.), open a separate current account in a foreign bank and accrue authorized capital. The amount of capital is determined by the country in which the unit is opened. For employees who are transferred to a branch, apply for a work visa or residence permit (if necessary).
Then you need to register a branch. Registration procedures may vary by country. Typically, registration includes choosing a legal address and tax regime, paying state fees and submitting an application to the registration authority. Also, do not forget to report the foreign branch to the Federal Tax Service. All documents must be translated into the national language of the country and certified by the consulate, they must have an apostille.
After registration and notification of the start of activities, the branch can begin work. If he operates only within one country, then taxes must be paid only to that country. The activities of the branch must be taken into account in all main reports.
Like any other economic activity, foreign trade activities are subject to taxes. This is another measure to regulate foreign economic transactions. When working with a foreign company, you must pay the following taxes:
If an individual entrepreneur or LLC uses a simplified taxation system, then it is still required to pay VAT on imported goods.
All these taxes must be paid to the state where you are a tax resident. A company is recognized as a tax resident of a country if it is registered in it and carries out its main activities there. That is, if your business is registered and conducts its main activities in Russia, then you are its tax resident and pay taxes to the Federal Tax Service. A branch in another country is a tax resident of that country.
There is usually no need to pay taxes to another country - this issue is regulated by double taxation agreements. They specify when and who must pay taxes in both countries. Find out in advance whether such agreements have been concluded with the country you are interested in, and under what conditions they apply.
Basically, administrative liability is established for non-compliance with the rules of foreign economic activity. Criminal liability arises mainly in case of serious violations during currency transactions and transportation of goods. The laws of the Russian Federation establish the following penalties for major violations in the conduct of foreign economic activity
|
Violation |
Punishment |
|
Failure to notify about opening a current account abroad |
Fine up to 100,000 rubles |
|
Violation of the rules for conducting currency transactions |
Fine up to the full amount of the illegal transaction |
|
Failure to comply with currency control deadlines |
Fine up to 50,000 rubles |
|
Incorrect execution of documents for currency control (including typos) |
Fine up to 50,000 rubles, for repeated errors - up to 100,000 rubles |
|
Non-payment of customs duties |
Fine up to 300,000 rubles |
|
Failure to provide or incorrect provision of certificates |
Fine up to 300,000 rubles |
|
Non-compliance with reporting on foreign exchange transactions |
Fine up to 50,000 rubles depending on the duration of the violations |
|
Non-refund of an amount in foreign currency from another country |
Fine up to 1,000,000 rubles Imprisonment for up to 5 years |
|
Providing incorrect information about transactions with foreign accounts |
Fine up to 500,000 rubles Imprisonment for up to 3 years |
Further work with foreign counterparties will largely depend on the choice of bank for conducting foreign trade activities. Various organizations offer their clients various services to support foreign exchange transactions, assistance in paying customs duties and advice on controversial issues. The following are the main terms of services for foreign trade from popular banks for business:
The point is trying to make foreign trade support as convenient as possible for small businesses. All operations with the account and confirmation of documents are carried out remotely, each transaction is accompanied by a personal manager. The bank also charges low fees for its services.
Like Tochka, this bank services foreign trade activities completely remotely - through the website and visiting specialists. It allows you to open an account not only in dollars or euros, but also in pounds sterling. Tinkoff offers all basic services for foreign economic activity.
A reliable and well-known bank - it can be chosen by those who plan to actively conduct foreign trade activities. It offers a variety of services for such clients - from foreign currency accounts to convenient repayment of customs duties. Tariffs for services for foreign trade activities can vary greatly in different regions of Russia.
For companies that actively conduct foreign trade activities, Alfa-Bank has a separate tariff with special conditions. It features low fees for all transactions, including currency control. Alfa-Bank also organized qualified customer support on foreign trade issues.
The bank is very effective in supporting foreign exchange transactions. Its specialists will carry out currency control themselves and prepare the necessary documents. In addition, Modulbank allows you to open an account in yuan - useful for those who plan to cooperate with Chinese companies.
For an entrepreneur, especially a beginner, foreign economic activity is a very difficult area. Therefore, before you tackle it, we advise you to prepare a fairly reliable foundation. Open accounts in reliable banks, find specialists who will help you conduct your business, find out more about the countries with which you want to cooperate. This way you can significantly reduce the problems that arise when conducting foreign trade activities.
Don’t forget about the risks: foreign trade can be either profitable or very unprofitable. Therefore, if you are planning to get into it, carefully study the markets of both countries, especially the import and export markets. Planning and calculation will help you reduce costs and organize work with foreign companies most effectively.
In foreign economic activity, all transactions that entrepreneurs enter into with foreign companies. What those involved in foreign trade activities need to remember:
Large banks offer a number of services to clients participating in foreign economic activities and themselves become an important link in international trade. As a rule, banks create specialized departments for external relations. There are specialized banks (in Russia Vneshtorgbank).
To carry out foreign economic activities, banks:
Conclude agreements on correspondent relations with banks abroad and open correspondent accounts;
Open branches and offices abroad;
Acquire ownership shares in foreign banks;
They open factoring, leasing, etc. companies.
Goals foreign economic activity of banks:
Provide maximum services to exporter/importer clients;
Reduce the risks of international transactions;
Provide the bank with foreign exchange income.
These goals are achieved through the use of various methods and tools that are agreed upon by the exporter and importer at the time of concluding the trade contract.
Payment methods, used in international practice:
Advance payment;
Documentary letter of credit;
Payment after shipment;
Documentary collection;
Trading on an open account. Tools(calculation methods):
Bills of exchange;
Postal, telegraphic, telex payment orders;
International money transfers (S. W. I F. T system) International payments are made on the basis of generally accepted
rules established by the international community.
Let's consider the two most significant payment methods from the point of view of reducing the risk of international trade transactions - documentary in cash and documentary letter of credit.
Documentary collection– payment method (bank settlement operation), in which the bank, on behalf of the exporter client, receives the funds due to it on the basis of the goods settlement documents submitted by the client to the bank (Fig. 38).
1. Signing a contract for the supply of goods;
2. The exporter provides the bank with a collection order and goods settlement documents;
3. The bank checks the correctness of the documents and transfers them to the collecting correspondent bank;
45. The importer’s bank transfers documents to the importer against payment of the amount indicated in them;
6. The collecting bank transmits a payment notice to the exporter's bank;
7. The exporter's bank credits funds to the client's current account and notifies him of receipt of payment.
Unified rules for documentary letters of credit were established by the International Chamber of Commerce for the first time in 1933. Currently, version No. 500, adopted in 1993, is in effect. In Russia, this form of payment is regulated by the Civil Code of the Russian Federation, Part II, Art. 867873.
Documentary letter of credit This is the bank's obligation to make the amount agreed upon by the counterparties available to the seller on behalf of the buyer in accordance with strictly defined conditions.
Target reducing the risks of foreign economic transactions.
The essence of the operation:
Exporter receives a guarantee of timely receipt of export proceeds, importer makes payment upon delivery (Fig. 39).
Signs of a letter of credit:
It is a monetary obligation, the fulfillment of which occurs subject to the provision of the documents provided for in the letter of credit;
It is a transaction separate from the foreign economic contract, which provides for a letter of credit form of payment;
The bank makes payment under the letter of credit in its own name, but on behalf of its client;
The bank makes the payment at the expense of its own funds or the client’s funds;
Issuance of a letter of credit and payment from the letter of credit give rise to a chain of transactions between participants in credit settlement relations.
1. Contract.
2. The importer, within the terms agreed with the exporter, instructs his bank to open (issue) a letter of credit (application for open letters of credit).
3. The importer’s bank asks the exporter’s bank to open a letter of credit in favor of the corresponding exporter and immediately or within the stipulated time frame
ki provides coverage, i.e. transfers the amount of the letter of credit (issuance of the letter of credit).
4. The exporter's bank sends a notice to the exporting client.
5. The exporter, having received a notice (advice) from his bank and having checked the terms of the letter of credit, sends the goods to the importer and prepares the documents necessary to receive payment from the letter of credit.
6. The exporter submits to his bank the shipping and other documents specified in the letter of credit.
7. Shipping and other documents are sent by the exporter’s bank to the importer’s bank, which makes the payment.
8. The exporter receives the payment amount due to him.
9. The importer’s bank transfers the received documents to the importer, which give him the right to receive the purchased goods.
Types of documentary letter of credit:
To bearer;
Paid on time;
With deferred payment terms;
Revolving (renewable);
Non-revolving;
Confirmed;
Unconfirmed.
The most important criterion is revocability of letter of credit– involves division into:
Revocable letters of credit are a bank obligation that can be canceled or modified without notice to the exporter;
Irrevocable letters of credit are a firm commitment of the bank, which is beneficial for the exporter and risky for the bank.
All currency transactions of the bank are subject to currency control rules 1 (See Fig. 39 and Fig. 40).
Today, companies doing export-oriented business are doing especially well. The ruble exchange rate fell, and domestically produced goods became competitive abroad. Moreover, we are not necessarily talking about large manufacturers; the doors to foreign economic activity are open to small and medium-sized players. The main thing is to offer a product that is in demand. Do you want to try yourself in foreign trade? Go for it. But first, you need to choose a financial partner to support foreign trade transactions.
The Ministry of Economic Development has set a course to increase the volume of non-resource exports by 6% per year, and, as experts say, Russia has every chance of becoming one of the world's leading exporters by 2030. The number of companies, including from the sphere of small and medium-sized businesses, focusing on the export opportunities of the market has increased. With imports, the situation is more complicated due to the devaluation of the ruble, but many importers are still developing their business, reorienting the business model, for example, by country of purchase, customers, etc.
Exports to Russia significantly exceed imports. According to the Federal Customs Service (FCS), the trade surplus, or the difference between exports and imports of goods, amounted to $57.8 billion in January-July 2016. The share of exports in the country’s GDP is about 30% of GDP.
True, due to geopolitical trends, exports and imports tend to decline. Thus, exports from the country for seven months of 2016 amounted to $153.4 billion, which is 27.1% lower than in the same period last year.
Key export directions are:
Exporters, therefore, are mainly large fuel and energy corporations, metallurgists, and manufacturing conglomerates.
At the same time, despite the high share of raw material exports, there is a tendency to increase the importance of other areas. So, let’s say, the share of equipment exports over the specified period increased by 1.5 percentage points, the share of metallurgical products increased by 0.7 percentage points, and the share of the fuel and energy complex decreased by 6.6 percentage points. By the way, back in January 2016, the head of the Central Bank, Elvira Nabiullina, noted that the growth in the share of oil exports in total Russian commodity exports decreased from 67% in December 2013 to 48% in December 2015.
Quite a few smaller firms have emerged that export some of their products, for example, in the food, paper, equipment, tobacco, pharmaceuticals, etc.
The value of Russia's exports in 2015 amounted to $344 billion.
Currency legislation is constantly changing. Therefore, companies working in the field of foreign trade often need consulting in the field of currency control and documentation preparation. Also, consulting services are relevant due to the fact that more and more new companies are opening up export (or import) opportunities.
There are many consulting and advisory companies providing such services. However, the level of reliability of these companies sometimes raises questions. Banks are a completely different matter. Firstly, credit institutions have a fairly high level of professionalism of employees, and secondly, banks that actively work with foreign trade transactions have relevant experience and expertise.
In addition, it is simply convenient to receive the consultations you are interested in on foreign economic activity in a one-window format - in the credit institution where the company has an account, conducts its operations, payments, places funds on deposits, receives financing, etc.
Dear clients - participants of foreign trade activities!
From November 20, 2018 1 the Directive of the Bank of Russia dated 07/05/2018 No. 4855-U “On introducing amendments to the Bank of Russia Instruction dated 08/16/2017 No. 181-I 2” comes into force; you can familiarize yourself with the regulatory document of the Bank of Russia at the link).
The changes establish control over the return by residents from non-residents of granted loans and interest on them to their accounts in authorized banks 3 .
The obligation of residents to repay loans and interest is established by Law No. 64-FZ from April 14, 2018 for the following loan agreements:
To register an agreement to provide a loan to a non-resident, the resident is required to provide the Bank with information on the expected timing of repatriation of foreign currency and (or) Russian currency.
Expected deadlines are calculated in accordance with Instruction No. 181-I (Appendix 3):
Information on the expected terms submitted by the resident is reflected by the Bank in the bank control statement under the loan agreement, clause 8.2 “Description of the payment schedule for repayment of principal and interest payments.”
The statement of banking control under loan agreements is supplemented with a section
V. Information on the resident’s fulfillment of the requirements of Article 19 of the Federal Law “On Currency Regulation and Currency Control” 4 with subsections:
V.I – Information on repayment of the principal debt;
V.II – Information on payment of interest payments.
Responsibility for failure by a resident to fulfill within the established time limit the obligation to receive from a non-resident funds due under loan agreements is established by Part 4 of Article 15.25 of the Code of Administrative Violations of the Russian Federation (as amended by Law No. 64-FZ and Law No. 325-FZ 5).
When transferring a contract (loan agreement) for servicing to another authorized bank, the resident is obliged to provide the new contract accounting bank (hereinafter referred to as the management bank) additionally with the following information 6:
Currently, the resident submits to the new management bank only a contract (loan agreement), or an extract from it and information about the unique number of the contract (loan agreement).
When preparing a certificate of supporting documents for loan agreements with contract type code 5 – “provision of a loan to a non-resident”, you must indicate the following in the “Note” field:
“F” - in case of submission of documents confirming the occurrence of conditions for non-repayment of the loan (clauses 8-10 of part 2 of article 19 of Law No. 173-FZ);
“P” - in the case of submission of documents confirming the fulfillment of obligations to pay interest payments by a non-resident in a way other than settlements.
We draw the attention of individual residents!
The requirements of Article 19 of Law No. 173-FZ on the repayment of loans and interest on them to accounts in authorized banks also apply to resident individuals.
Directive No. 4855-U approved the procedure for individual lenders to submit documents and information on loan agreements to the Bank, including:
1 Directive of the Bank of Russia dated 07/05/2018 N 4855-U “On introducing amendments to the Bank of Russia Instruction dated August 16, 2017 N 181-I “On the procedure for residents and non-residents to submit supporting documents and information to authorized banks when carrying out currency transactions, on uniform forms accounting and reporting on currency transactions, the procedure and timing for their submission" (hereinafter referred to as Instruction No. 4855)
2 Instruction of the Bank of Russia dated August 16, 2017 No. 181-I “On the procedure for the submission by residents and non-residents of supporting documents and information to authorized banks when carrying out currency transactions, on uniform forms of accounting and reporting on currency transactions, the procedure and timing of their submission” (hereinafter referred to as the Instruction No. 181-I)
3 Compliance by the resident with the requirements of Article 19 of the Federal Law of December 10, 2003 No. 173-FZ “On Currency Regulation and Currency Control” (hereinafter referred to as Law No. 173-FZ) as amended by the Federal Law of April 3, 2018 No. 64-FZ “On Amendments to Federal Law “On Currency Regulation and Currency Control” and Article 15.25 of the Code of the Russian Federation “On Administrative Offenses” (hereinafter referred to as Law No. 64-FZ).
4 By analogy with agreements on the export and import of goods and services
5 Federal Law No. 325-FZ of November 14, 2017 “On Amendments to the Federal Law “On Currency Regulation and Currency Control” and Article 15.25 of the Code of the Russian Federation on Administrative Offenses” (hereinafter referred to as Law No. 325-FZ), which came into force on May 14 .2018
6 The specified information is sent to the resident by the previous management bank (the bank that deregisters the contract on the basis of 6.1.1 of Instruction No. 181-I).
Accounting for foreign trade activitiesis distinguished by a number of features related both to the specifics of foreign economic activity itself and to the special rules for accounting for individual transactions during it. Let's look at them.
Foreign economic activity (FEA) is an economic activity in which an economic entity registered in the Russian Federation interacts with foreign partners. Possible with it, as with relationships that take place only within the Russian Federation, are any business transactions: purchase and sale (and not only goods, but also works/services), receipt and provision of borrowed funds, contributions to a management company or property, rent , receipt/payment of dividends, business trips, settlements of claims. Because of this, any of the accounting accounts provided for in the chart of accounts approved by Order of the Ministry of Finance of the Russian Federation dated October 31, 2000 No. 94n may be involved in accounting operations.
For what a working chart of accounts might look like, see.
However, the accounting process in foreign economic activity acquires its own characteristics due to the emergence of:
Read more about the taxation of payments to foreign partners in the article .
It is necessary to note 2 important regulations affecting the exchange control procedure in 2018:
Since 2018, the Bank of Russia Instruction “On the procedure for residents and non-residents to submit documents to authorized banks...” dated 06/04/2012 No. 138-I ceases to be in effect - it was replaced by Instruction No. 181-I, from the content of which it follows that:
As of May 14, 2018, Law No. 173-FZ also changes - the amendments made to it by Law No. 325-FZ imply:
What is the essence of currency control in the customs authorities, see this.
The use of foreign trade activities will require the use of a large number of documents in the work, which are not needed if the activity is carried out only within the Russian Federation. Moreover, their number will include not only those issued by the Russian side, but also those received from foreign partners. In relation to export/import, this will, in particular, be:
Most of the documents addressed to or received from a foreign partner will initially be created in 2 languages, and documents issued only in a foreign language must be accompanied by a translation of the text, which will be required by the Federal Tax Service during verification.
At the same time, not only the volume of documents increases, but also the number of inspections requiring the submission of copies by tax authorities (in connection with VAT refunds on exports) and customs (in connection with the declaration of goods).
This one will tell you about the types of currency clauses in contracts.
Features of foreign trade accounting will require:
The largest number of additional actions in terms of taxation will be necessary for the most complex tax, which in the Russian Federation is VAT. Special attention will be required here:
What you need to follow when organizing separate accounting when exporting - read the material .
With regard to income tax, one should not lose sight of the fact that export shipments are taken into account in income at the moment of transfer of ownership (risks) to the goods, i.e. practically at the time of shipment, and the right to deduct VAT on such shipment can be confirmed completely another tax period. That is, the tax bases for profit and VAT when exporting for the same period do not always coincide, and it is impossible for profit to take into account shipments for export in connection with the fact of confirming the right to deduct VAT.
The organization of accounting for foreign economic activity entails not only an increase in the number of accounting documents used, but also a number of features: both in the reflection of accounting transactions and in the preparation of reporting.
