Loading...

The timeframe for individuals to submit reports concerning the movement of funds on foreign accounts for 2019 has been extended by six months


Resolution No. 792 of the Russian Government dated 30 May 2020 has been published whereby the deadline for individuals to submit reports concerning the movement of funds on foreign accounts (deposits) has been moved from 1 June to 1 December 2020.

Please be reminded that, according to the general rule[1], resident individuals should once a year submit to the tax authorities in accordance with their place of registration reports concerning the movement of funds on foreign accounts (deposits) with foreign banks (and, in accordance with the new rules, on accounts (deposits) with other foreign financial market institutions).

The usual submission timeframe for such reports is before 1 June of the year following the reporting year[2] (except in the event a report is submitted owing to an account being closed when the report is provided simultaneously with the notification of the closing of the account). Accordingly, reports for 2019 should have been submitted before 1 June 2019.

The Resolution of the Russian Government extends the submission deadline for 2019 reports by six months - until 1 December 2020.

For such purposes the relevant additions have been made to clause 3 of Resolution No. 409 of the Russian Government dated 2 April 2020 “On measures to ensure stable economic development”, which contains provisions concerning the extension of the timeframes for tax returns and other documents to be provided in connection with the spread of the coronavirus infection.

The Resolution of the Russian Government came into force as of the date when it was officially published, i.e. from 1 June 2020.

Help from your adviser

Pepeliaev Group’s specialists are ready to draft and submit to tax authorities reports concerning the movement of funds or notifications of accounts (deposits) being opened (closed, or their details being changed), and to support you with identifying any risks concerning transactions with foreign accounts. We are also ready to represent taxpayers before tax authorities and provide any other necessary legal support with regard to the issues of currency legislation.



[1] Article 12(7) of Federal Law No. 173-FZ “On currency regulation and currency control” dated 10 December 2003.

The reports should not be provided by resident individuals who in the previous calendar year stayed outside Russia for a total period of over 183 days, and in some other cases.

[2] Clause 2 of the Rules for resident individuals to submit to the tax authorities reports concerning the movement of funds on foreign accounts (deposits) with banks and other financial market institutions located outside Russia (approved by Resolution No. 1365 of the Russian Government dated 12 December 2015).

Отправить статью

21.03.2024
Pepeliaev Group’s Experts Have Achieved Exceptional Results in the 2023 Individual Rankings of Pravo.ru-300
Read more
11.03.2024
PGP Tax Consultancy is among the leaders in the Pravo.ru rating dedicated to the UAE market
Read more
22.12.2023
The business mission to China of a delegation from Pepeliaev Group’s Far East Office
Read more