The government will tighten control over the foreign operations of Russian companies

Russian Government will tighten control over the foreign operations of Russian companies, it approved a resolution with new requirements regarding the disclosure of reports. About it reports “Kommersant”.

Residents will be required to report to Federal Tax Service (Federal Tax Service) on the movement of funds abroad and on financial assets in foreign accounts. They should also provide information about the proceeds left in accounts abroad and about third parties who participate in mutual settlements of foreign economic activity.

The Cabinet of Ministers adopted a resolution in order to implement measures to improve the balance of the foreign exchange market, as specified in the material. Currently, Russian companies and individual entrepreneurs must report only on credits and debits to the account, indicating transaction codes.

According to the innovations, they now need to indicate the volume of write-offs and receipts for the quarter, both in cash and in non-cash form. The Ministry of Finance explained that such data will allow tax authorities to track the volumes of foreign currency remaining in exporters’ accounts in foreign banks, which will increase the transparency of control over foreign trade transactions.

Previously, the Russian government approved rules for paying compensation to foreign holdings. The corresponding resolution was signed by the Prime Minister RF Mikhail Mishustin.

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