In 2019, new currency control rules are in effect. This is very important for companies importing or exporting products. After all, there are a lot of innovations, ranging from changes in the documentation of currency control to fines for violating it. So let's figure it out together.
Back in 2018, a new legislative framework for currency control of legal entities came into force. What has changed for what:
The new instruction of the Central Bank cancels a number of documents, introduces a slightly different procedure for currency control, and changes fines. And now about everything in more detail.
This year, the same changes in currency control for legal entities apply as from March 1, 2018. We have compiled a table in which we clearly demonstrated for each item: what happened before the reform and what has happened now.
|
Change object |
What happened before |
How did it happen? |
|---|---|---|
|
Impact of contract amount on exchange controls |
|
|
|
The process of transferring a contract to a bank |
A transaction passport was required, for which the contract itself had to be submitted to the bank |
The transaction passport has been cancelled, and the bank has registered the contracts. It is not necessary to provide the contract itself for this operation. |
|
Certificate of Currency Transactions (CVO) |
When making a transaction for an amount over $1000, you had to:
|
When making a transaction of 200,000 rubles or more, the company and individual entrepreneur transfers to the bank:
Important! The certificate of currency transactions has been cancelled. |
|
Certificate of supporting documents (SPD) |
If the transaction took place, then the bank demanded an SPD. The deadline for submitting a certificate is 15 working days from the end of the month in which:
|
If the transaction has taken place, residents and non-residents provide the bank with information about the type of transaction code. The SPD takes the form of a unified form of accounting for the completed transaction. |
|
The procedure for transferring a contract to another bank |
A currency control statement (CSC) from the organization was required |
The bank itself deals with VVC |
|
Reasons why a bank has the right not to conduct a foreign exchange transaction |
|
|
Certificate of supporting documents – This is a type of unified form of accounting and reporting of currency settlements, which is compiled by a resident of the Russian Federation. Its form is OKUD 0406010. It was approved by Appendix 6 to Bank of Russia Instruction No. 181-I dated August 16, 2017.
The certificate is filled out in a similar way to previous years, but not without its peculiarities. The order is prescribed in the indicated position.
Note! From March 1, 2018, the “transaction passport number” field has changed to a unique contract number.
A unique number is assigned by your bank when registering a currency transaction. See below for a sample of filling out the SOP in 2019.
The certificate is not issued by residents who have completed a transaction in the amount of 200,000 rubles or less. The deadline for providing the certificate is 15 days from the date of crediting the currency
In 2019, according to the new currency control rules, a transaction passport is not issued. Now banks will register contracts with foreign companies and their representatives. What to do if the transaction passport has already been issued.
In 2019, there are strict sanctions for legal entities for violating the rules of foreign exchange transactions.
|
Reason for fine |
Amount of sanctions |
|---|---|
|
Illegal currency transaction |
from ¾ to one time the transaction amount |
|
The company did not ensure timely receipt of money to the current account |
|
|
The company did not ensure timely receipt of money to the current account, while a passport was required during the transfer |
40,000 – 50,000 rubles |
|
Late refund of advance payment for goods that were never delivered |
|
Let's look at the step-by-step process of overcoming currency regulation with all the changes of 2019.
The 2018 changes in currency control affected not only legal entities, but also individuals. Let's touch on these changes.
|
Central Bank of the Russian Federation (Bank of Russia)
Press service
107016, Moscow, st. Neglinnaya, 12
Information
The Ministry of Justice of the Russian Federation registered Bank of Russia Instruction No. 181-I dated August 16, 2017 “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 of accounting and reporting on currency transactions, the procedure and timing of their submission” (hereinafter referred to as instructions).
This instruction is aimed at liberalizing the current requirements of foreign exchange control in terms of reducing the burden on residents when they carry out foreign exchange transactions.
The document cancels the requirement for residents to issue a transaction passport at an authorized bank. Instead of the requirement to issue a transaction passport, a procedure for registering contracts with banks and assigning them unique numbers is being introduced. A simplified procedure for registering contracts is established for resident exporters. Banks register contracts within one business day. The new procedure eliminates the basis for a bank to refuse to register a contract.
The value of the amount of obligations at which registration under foreign trade export contracts is required has been increased to 6 million rubles 1 .
The instruction cancels the requirement for residents to submit certificates of foreign exchange transactions to authorized banks, which are forms of accounting, while maintaining the requirement for them to submit documents that are the basis for conducting foreign exchange transactions.
The document introduces a procedure that eliminates the need for residents to submit documents related to foreign exchange transactions under agreements (contracts) concluded with non-residents, the equivalent amount of obligations of which is less than 200 thousand rubles.
The instruction reduces the burden on residents in terms of processing currency control documents, which will help reduce the grounds for bringing residents to administrative responsibility, simplifies the mechanism of interaction between residents and banks, increases the efficiency of work of resident-exporters, and redistributes the burden in terms of currency control from residents to authorized banks.
1 Currently, in accordance with Bank of Russia Instruction No. 138-I dated June 4, 2012 “On the procedure for the submission by residents and non-residents of documents and information related to foreign exchange transactions to authorized banks, the procedure for issuing transaction passports, as well as the procedure for accounting by authorized banks of foreign exchange transactions and control over their implementation”, the value of the amount of obligations at which a resident needs to issue a transaction passport under a foreign trade contract in an authorized bank is 50 thousand US dollars.
14.11.2017
On November 2, 2017, Bank of Russia Instruction No. 181-I dated August 16, 2017 “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 of accounting and reporting on currency transactions, procedures and deadlines” was published their ideas" ( effective from March 1, 2018; At the same time, the previously in force Instruction No. 138-I dated June 4, 2012 ceases to apply).
The new Instruction somewhat simplifies the procedure for processing documents related to foreign exchange transactions in foreign economic transactions in Russian authorized banks. It applies to residents - legal entities, individual entrepreneurs and persons engaged in private practice, as well as to non-residents who are not individuals.
According to the specified Instructions:
In particular, when carrying out an operation to credit foreign currency to a transit currency account, a resident must submit to the bank documents related to the operations, no later than 15 working days after the date of crediting foreign currency to the transit currency account specified in the bank’s notification of its crediting.
When writing off foreign currency from a resident’s current account, the resident must submit to the bank documents related to the transactions, simultaneously with a write-off order.
Requirements for the submission of supporting documents apply to agreements (concluded between residents and non-residents, and providing for settlements through residents’ accounts (opened in both Russian and foreign banks)), the amount of liabilities for which is equal to or exceeds equivalent:
The amount of obligations under a contract (loan agreement) is determined as of the date of its conclusion or, in the case of a change in the amount of obligations - as of the date of conclusion of the latest amendments (additions) to the contract providing for such a change in the amount, at the official exchange rate of foreign currencies in relation to the ruble.
If the amount of obligations under an agreement with a non-resident is equal to or does not exceed the equivalent of 200,000 rubles, the submission of documents related to conducting currency transactions under such an agreement is not required.
A resident who is a party to an export or import contract, or to a loan agreement, must register them with an authorized bank and make payments under such a contract only through their accounts opened with the authorized bank that accepted the contract. The bank accepts the contract for registration and assigns it a unique number (which it informs the resident about).
To register a contract, you need almost the same information as now to fill out the transaction passport:
Please note that banks do not have the right to refuse to register a contract. In this case, the maximum period for such an operation cannot be more than 1 working day. The previously effective Instruction 138-I established a deadline for issuing a transaction passport of 3 business days.
In addition to this, it is necessary to mention that in addition to changes in the rules for processing transactions for the purposes of currency control in the direction of their simplification (reducing the number of required documents; increasing the threshold values of transaction amounts at which their registration is required; reducing the time frame for registering a transaction), and other features of regulation of foreign economic transactions provided for Federal Law of November 14, 2017 N 325-FZ “On Amendments to Articles 19 and 23 of the Federal Law “On Currency Regulation and Currency Control” and the Code of the Russian Federation on Administrative Offences”. These include the following:
Based on the wording of the new wording of paragraph 1.1 of Article 19 of the Federal Law “On Currency Regulation and Currency Control”, it will be necessary not only to indicate the deadline for fulfilling obligations in the agreement concluded between a resident of the Russian Federation and a non-resident, but also to inform the banks accurate terms for crediting funds in foreign currency to the resident’s account, as well as accurate deadlines for fulfillment of obligations by a non-resident.
The wording of the previous edition made it possible to indicate in bank accounting forms expected deadlines for fulfilling obligations and crediting funds in foreign currency. The new edition will come into force on May 14, 2018.
Thus, in practice, a situation may arise when a foreign economic agreement without specifying deadlines for fulfilling obligations will be declared invalid due to non-compliance with legal requirements, or the bank will refuse to conduct a foreign exchange transaction under such an agreement.
In addition to the previously provided grounds for refusing to carry out a transaction due to the failure of the parties to the transaction to provide the documents required by banks for a currency transaction or the unreliability of the information specified in such documents, after the provisions of the new edition of Federal Law No. 173 come into force, banks will be able to refuse on other grounds. In particular, such grounds may be the implementation of prohibited transactions to credit funds to the account of a resident of the Russian Federation in a foreign bank, the implementation of prohibited currency transactions between residents of the Russian Federation, as well as non-compliance of documents submitted in connection with the transaction with legal requirements.
Responsibility consists of paying a fine in the amount of 20 to 30 thousand rubles by the official who violated the currency legislation. For repeated commission of an illegal currency transaction, an official may be subject to disqualification for a period of 6 months to 3 years.
The instruction of the Central Bank of the Russian Federation somewhat simplifies the procedure and procedure for currency control of foreign economic transactions of residents of the Russian Federation. This mainly concerns the abolition of transaction passports and their replacement with the registration of agreements with the bank, as well as the abolition of the requirement to submit documents for transactions of less than 200,000 rubles. At the same time, new amendments to the currency legislation introduced requirements for the mandatory indication of the exact deadline for the fulfillment of obligations in a foreign economic agreement (failure to comply with which may lead to a refusal to conduct foreign exchange transactions under it, and possibly to the recognition of the transaction as invalid); the list of grounds for a bank’s refusal to conducting a currency transaction and expanded the list of persons who can be held accountable for violating currency legislation (liability for officials was introduced).
.png)
