Russian Bill Increasing Penalties for Non-Disclosure of Foreign Accounts Is Signed

Russian Bill Increasing Penalties for Non-Disclosure of Foreign Accounts Is Signed

On July 30, 2012 president of Russia signed the bill amending clause 15.25 of Administrative Offence Code of Russia approved by the State Duma and the Federation Council.

The bill increases the fines for non-disclosure by the Russian residents about opening and close of their foreign bank accounts or any changes of their details to the Russian tax authority:

-          4000-5000 RUR for individuals;

-          40 000-50 000 RUR for management of corporations;

-          800 000-1 000 000 RUR for corporations.

Violation of terms or foreign accounts opening and close notification form to be fined in the following way:

-          1000-1500 RUR for individuals;

-          5000-10 000 RUR for management of corporations;

-          50 000-100 000 RUR for corporations.

The bill will take effects in 90 days after publication.

However, a new law does not eliminate opportunity to open foreign account confidentially without being fined: a foreign company or partnership can be registered in order to open foreign bank account for it. This will allow avoiding any negative legal consequences under the Russian laws.

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