UNK Agreement Our specialists will contact you! You can enter into an agreement with a foreign company and pay in rubles. Then you don’t need to provide or register anything
To recognize the legality of business with foreign partners, a signed agreement (contract) is not enough. Since all foreign exchange transactions are under special control of the state, the rules for their conduct require special attention of businessmen and clear interaction with authorized banks.
Our specialists have thoroughly understood all the intricacies of innovations in currency legislation regarding the conduct of business by residents with foreign partners and have prepared a “cheat sheet” for you.
Cheat sheet of innovations in currency legislation in working with foreign economic contracts
| What is important to know | Until January 1, 2018 | Changes from 01/01/2018 |
|---|---|---|
| Legislative regulation of foreign exchange transactions |
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| Accounting for contract agreement by amount | Registration of the agreement (contract) with the bank and obtaining a transaction passport for this contract was required if the amount of obligations exceeded or corresponded to the equivalent of $50,000. If the transaction amount did not exceed $1,000, it was possible to limit oneself to providing the authorized bank with only a certificate of foreign exchange transactions | All foreign trade contracts must be registered with an authorized bank! |
| The focus of the contract on import or export is important, because the accounting procedure for contracts is different depending on the direction. | According to clause 4.2 of Instruction No. 181, accounting for contracts is REQUIRED if the contract amount in rubles is: If the amount of obligations under the agreement/contract is less than 200,000 rubles, the provision of documents related to currency transactions is not required. | |
| The amount of obligations is taken into account for: For resident-exporters, a simplified procedure for registering foreign trade contracts has been established, namely up to 1 business day. | Registration of the agreement/contract with an authorized bank and execution of a transaction passport Instead of transaction passports, export contracts are kept in the bank. All transaction passports that are not closed and are in the currency control file before 01/01/2018 will be considered closed. Moreover, banks will not provide any notes about this; in turn, the number of such transaction passports automatically becomes the unique number of the contract (or loan agreement) registered by the bank. |
To register a contract, you must submit to the authorized bank: After which the authorized bank must: The bank does not have the right to refuse to register the agreement/contract! |
| Providing certificates of currency transactions (CVO) both when currency is received into a current account and when currency is written off from a resident’s current account | There was an obligation to provide a certificate of foreign exchange transactions to an authorized bank. Moreover, instruction No. 138-I provided | According to instruction 181-I, from March 1, 2018, the certificate of supporting documents (SPD) has become a unified form of accounting and reporting for residents on foreign exchange transactions. Her new form is contained in Appendix 6 in Instruction 181-I. |
| Other requirements: a) provision of a currency control statement; b) passing exchange control | In a number of cases, such as the transfer of a resident's contract to another bank, there was an obligation to provide a foreign exchange control statement to the authorized bank. | If a resident transfers a contract to another bank, there is no need to submit a currency control statement to the authorized bank. The bank independently requests a currency control statement from the Bank of Russia. |
| Bank refusal to conduct a foreign exchange transaction | The version of the law “On Currency Regulation and Currency Control” allowed residents to indicate in agreements (contracts) the expected deadlines for the fulfillment of obligations by a non-resident. | The bank’s refusal to conduct a foreign exchange transaction was lawful in the following cases: |
From May 14, 2018, new requirements of the Law “On Currency Regulation and Currency Control” will apply, which obliges the resident to indicate clear deadlines for the fulfillment of obligations by the parties. Their absence in the agreement/contract may result in the bank refusing to carry out currency transactions under it. Moreover, in accordance with Art. 168 of the Civil Code, a contract transaction without clear deadlines for fulfilling obligations may be considered illegal!
Banks' refusal to conduct a foreign exchange transaction will be legal if the resident has provided the bank with documents that do not comply with the requirements of the law (violations of foreign exchange legislation).
Legislative regulation of foreign exchange transactions.
1. Instruction of the Bank of Russia No. 138-I dated July 4, 2012. 2. Federal Law No. 325-FZ of November 14, 2017. 3. Code of the Russian Federation on Administrative Offenses (“Law No. 325-FZ”).
Changes from 01/01/2018
Registration of the agreement (contract) with the bank and obtaining a transaction passport for this contract was required if the amount of obligations exceeded or corresponded to the equivalent of $50,000. If the transaction amount did not exceed $1,000, it was possible to limit oneself to providing only a certificate of currency transactions to the authorized bank. The bank had the right to refuse to issue a transaction passport if the data specified in the agreement (contract) did not correspond to the information in the completed transaction passport form.
Changes from 01/01/2018
All foreign trade contracts must be registered with an authorized bank!
- The focus of the contract on import or export is important, because the accounting procedure for contracts is different depending on the direction.
- According to clause 4.2 of Instruction No. 181, accounting for contracts is REQUIRED if the contract amount in rubles is:
3 million rubles under import and loan agreements;
6 million rubles under export contracts
- If the amount of obligations under the agreement/contract is less than 200,000 rubles, the provision of documents related to currency transactions is not required.
- The amount of liabilities is taken into account:
date of execution of the agreement/contract
date of conclusion of changes in the amount of the agreement/contract.
Legislative regulation of foreign exchange transactions.
For resident exporters, a simplified procedure has been established for registering foreign trade contracts, namely up to 1 business day.
- Registration of the agreement/contract with an authorized bank and execution of a transaction passport. Instead of transaction passports, export contracts are kept in the bank.);
- All transaction passports that are not closed and are in the currency control file before 01/01/2018 will be considered closed.
Moreover, banks will not provide any notes about this; in turn, the number of such transaction passports automatically becomes the unique number of the contract (or loan agreement) registered by the bank.
- To register a contract, you must submit to the authorized bank:
- general information about the export contract (date of preparation and date of execution (completion) of obligations, number, type of contract, name of currency and data on the amount of obligations
stipulated by the contract
Providing certificates of foreign exchange transactions (CVO) both when currency is received into a current account and when currency is written off from a resident’s current account.
There was an obligation to provide a certificate of foreign exchange transactions to an authorized bank. Moreover, Instruction No. 138-I provided for different deadlines for providing SVO depending on the type of operation being performed:
In most cases, within 15 business days from the date of transaction.
Legislative regulation of foreign exchange transactions.
The requirement to provide a certificate of foreign exchange transactions has been cancelled. But the requirement to provide documents to confirm foreign exchange transactions within a period of no later than 15 working days after the date of crediting foreign currency to the resident’s transit account specified in the notification of the authorized bank has been retained.
Providing a certificate of supporting documents for currency control (SPD
There was an obligation to provide a sealed and signed SPD to an authorized bank in case of fulfillment of obligations under a foreign economic contract (supply of goods) no later than 15 working days after the expiration of the month in which:
- the goods have passed customs control. As confirmation, in the goods declaration Customs authority a stamp has been placed indicating the date of release of the goods;
- other supporting documents were prepared.
Legislative regulation of foreign exchange transactions.
According to instruction 181-I, from March 1, 2018, the certificate of supporting documents (SPD) has become a unified form of accounting and reporting for residents on foreign exchange transactions. Its new form is contained in Appendix 6 to instruction 181-I.
Other requirements: a) provision of a currency control statement; b) passing exchange control.
In a number of cases, such as the transfer of a resident's contract to another bank, there was an obligation to provide a foreign exchange control statement to the authorized bank.
Legislative regulation of foreign exchange transactions.
If a resident transfers a contract to another bank, there is no need to submit a currency control statement to the authorized bank. The bank independently requests a currency control statement from the Bank of Russia.
Refusal of the bank to conduct a foreign exchange transaction.
The version of the law “On Currency Regulation and Currency Control” allowed residents to indicate in agreements (contracts) the expected deadlines for the fulfillment of obligations by a non-resident.
- The bank’s refusal to conduct a foreign exchange transaction was lawful in the following cases:
- failure to provide documents or provision of incorrect documents;
Legislative regulation of foreign exchange transactions.
From May 14, 2018, new requirements of the Law “On Currency Regulation and Currency Control” will apply, which obliges the resident to indicate clear deadlines for the fulfillment of obligations by the parties. Their absence in the agreement/contract may result in the bank refusing to carry out currency transactions under it. Moreover, in accordance with Art. 168 of the Civil Code, a contract transaction without clear deadlines for fulfilling obligations may be considered illegal! Banks' refusal to conduct a foreign exchange transaction will be legal if the resident has provided the bank with documents that do not comply with the requirements of the law (violations of foreign exchange legislation).
Consequences of changes in currency legislation
From 01/01/2018 Russian companies who do business with foreign partners, when signing an agreement/contract, you will have to make sure each time that the parties have clearly agreed upon and stipulated in the agreement/contract the deadlines for fulfilling their obligations. And often Russian businessmen will have to convince their foreign client that this is required by domestic legislation. Moreover, it will be necessary to clearly and timely undergo currency control at an authorized bank by submitting required package documents for a transaction with a foreign client. IN otherwise such transactions may be considered illegal, and the resident risks facing fines.
Fines for violations of currency laws in 2018
Fines for non-compliance with the rules of currency transactions (including for late payments) and other penalties are specified in Article 15 of the Code of Administrative Offenses of the Russian Federation, which provides not only fines for residents ( legal entities) for failure to comply with the deadlines for providing documents for currency control, but also for their incorrect storage and execution.
- For example for:
- untimely reporting on currency movements;
- failure to close the transaction passport(s);
failure to provide supporting documents or information about the authenticity of the transaction.
More recently, to maintain control over currency transactions between residents and non-residents, banks opened transaction passports (Part 2 of Article 20 of the Federal Law of December 10, 2003 No. 173-FZ). The procedure for registration, re-registration, and closure of the transaction passport was regulated by the Instruction of the Central Bank of Russia dated June 4, 2012 No. 138-I. However, as of March 1, 2018, this Instruction has lost force, and along with it, the requirement to issue transaction passports has also been canceled. We will tell you about the cancellation of the transaction passport and the latest news related to this in our material.
On the cancellation of transaction passports from March 1, 2018
The cancellation of the transaction passport is associated with the adoption of new Instructions on foreign exchange transactions (CBR Instruction No. 181-I dated August 16, 2017). At the same time, the cancellation of transaction passports in 2018 was initially planned from the beginning of the year. But the adopted Directive of the Central Bank of November 29, 2017 No. 4629-U shifted the planned deadline for abandoning passports by 2 months.
The cancellation of transaction passports from 03/01/2018 provides that they will no longer have to be issued at the bank. Instead, you will need to register currency contracts with banks, which will be assigned a unique number.
The following contracts must be registered with the bank, the amount for which is equal to or exceeds the equivalent (clause 4.2 of the Central Bank Instruction No. 181-I dated August 16, 2017):
- for import contracts or loan agreements - 3 million rubles;
- for export contracts - 6 million rubles.
The amount under the contract is determined on the date of its conclusion or, in case of change, on the date of conclusion latest changes.
We register the contract and loan agreement
The contract or loan agreement must be registered with the bank within the following terms (clause 5.7 of the Central Bank Instruction No. 181-I dated August 16, 2017):
| Type of operation | Deadline for registering a contract (agreement) |
|---|---|
| Writing off money from a resident's account in favor of a non-resident | No later than the date of submission of the order to write off funds |
| Transferring money from a non-resident to a resident’s account | No later than 15 working days after the date the money is credited |
| Writing off money in favor of a non-resident from a resident’s account opened with a non-resident bank | No later than 30 working days after the month in which the money was written off (credited) |
| Transferring money from a non-resident to a resident’s account opened with a non-resident bank |
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| Import into the territory of the Russian Federation (export from its territory) of goods subject to declaration | No later than the date of submission of the goods declaration |
| Import into the territory of the Russian Federation (export from its territory) of goods not subject to declaration | No later than 15 working days after the month in which the supporting documents were issued |
| Performance of work, provision of services, transfer of information and results intellectual activity | |
| Other operations |
To register an agreement, you need to submit the agreement itself (or an extract from it) and other documents according to the list determined by the servicing bank to the bank.
Please note that the export contract can be submitted to the bank no later than 15 working days after the export contract is registered. And registration in this case is carried out on the basis general information on the export contract and details of the parties to the contract (clauses 5.3, 5.4 of the Central Bank Instruction No. 181-I dated August 16, 2017).
In addition, a contract or loan agreement can be registered on the basis of a project. In this case, the contract (agreement) will need to be submitted to the bank no later than 15 working days after the date of its signing (clause 5.10 of the Central Bank Instruction No. 181-I dated August 16, 2017).
When will the bank assign the number?
The bank must register the contract (loan agreement) no later than the next business day after the date of submission necessary documents. After this, the bank is given one more working day to send its client a unique contract (agreement) number (clauses 5.5, 5.8 of the Central Bank Instruction No. 181-I dated August 16, 2017).
Transitional provisions: open passports and passports under inspection
If under an export, import contract or loan agreement As of 03/01/2018, the transaction passport was opened at the bank, then there is no need to either close it or separately register such agreements with the organization. The bank itself recognizes such passports as closed, and will independently assign a unique number to the agreements, which will correspond to the number of the closed transaction passport (clause 18.1 of the Central Bank Instruction No. 181-I dated August 16, 2017).
Similarly, if as of March 1, 2018, the organization submitted documents to the bank to open a transaction passport, the bank will independently register currency agreement and assign it a unique number (
Current issues on compliance with the requirements of 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 Instruction No. 181-I):
In accordance with the requirements of Instruction No. 181-I, when performing a transaction (in Russian currency or in foreign currency) under a contract, the amount of which is the equivalent of more than 200 thousand rubles, but less than the “threshold” amount for registering the contract, the resident must provide documents related to the operation being carried out to the authorized bank. In this case, to make a payment in Russian currency, a settlement document for the transaction is provided, filled out in accordance with clause 2.13 of Instruction No. 181-I and containing information about the transaction type code in accordance with Appendix 1 to the Instructions. To conduct a transaction in foreign currency, we also recommend that you additionally provide the completed form “Information on the currency transaction.” This form posted on the Bank's website and in remote service systems.
Residents are not required to take any action on contracts for which PS were previously issued. All such contracts/loan agreements from 03/01/2018 are considered registered with an authorized bank. The PS number becomes a unique contract/loan agreement number (UCN).
Instruction No. 181-I does not provide for the provision by residents to the Bank of documents on crediting Russian currency under contracts that do not require their registration. Exception: if the resident disagrees with the transaction type code specified in settlement document, or if there is no code in the payment document, the resident has the right to provide the Bank with information about the corresponding code for the type of transaction with attached documents to justify it.
According to paragraph 2) part 1.1 of Article 19 Federal Law 173-FZ, when carrying out foreign trade activities, residents are required to submit to the authorized bank information not only about the timing of the return of the advance in accordance with the terms of the contract in the event of failure to fulfill obligations, but also about the timing of the fulfillment of the non-resident’s main obligations under the contract on account of the previously paid advance. In Clause 1.1. Appendix 3 to Instruction No. 181-I specifies the procedure for determining (calculating) each of these deadlines.
According to clause 8.7 of Instruction 181-I, when changing the information contained in the certificate of supporting documents (SPD) accepted by the management bank, incl. information about the expected period, the resident, no later than 15 working days after the date of execution of documents confirming such changes, must submit to the management bank a new SPD containing the corrected information, accompanied by documents confirming such changes.
To transfer to the Bank to service a contract (loan agreement) previously registered with another authorized bank, the resident must provide information about the unique contract/loan agreement number (UCN), as well as the contract (loan agreement) or an extract from such a contract (loan agreement). agreement), containing the information necessary to fill out Section I of the Banking Control Statement under the contract/loan agreement.
In order for the “new” bank to send a request to the Bank of Russia, information about the date and basis for deregistration of the contract/loan agreement in the “former” bank is required.
In the event of a change in information about a resident who has registered a contract (loan agreement), the resident must submit to the Bank an application to amend Section I of the Banking Control Statement, drawn up in accordance with the requirements of clause 7.2 of Instruction No. 181-I, indicating those details , which require changes in the bank control statement.
The application form recommended by the Bank is posted on the Bank’s website and implemented in remote service systems.
The application is submitted by the resident no later than thirty working days after the date of making the relevant changes to the unified State Register legal entities, or in the unified state register individual entrepreneurs, either in the register of notaries and persons who have passed the qualification exam, or in the register of lawyers of a constituent entity of the Russian Federation.
The Bank has developed and offers for use the following documents for the purposes of currency control, within the framework of fulfilling the requirements of Instruction No. 181-I: - Application for registration of the contract; - Application for registration of the loan agreement; - Application for amendments to section I of the Banking Control Statement; - Application for deregistration of the contract (loan agreement); - Information about the currency transaction. Document forms, as well as the procedure for filling them out, are posted on the website www.. In the sections “Small Business” and “Large Business” this information is also present.
For ex-VTB24 clients - on the website www.vtb24.ru -> Business -> Settlement service-> Foreign trade activities and currency control -> Currency control.
The same resources contain the form of a certificate of supporting documents (established by Appendix 6 to Instruction No. 181-I) and the procedure for filling it out.
Also, updated document forms for currency control purposes are implemented in remote service systems (they may differ from the forms posted on the website).
According to Chapter 4 of Instruction No. 181-I, a contract (loan agreement) concluded between a resident and a non-resident is registered in the following cases: Export (Import) contract providing for the export (import) of goods from the Russian Federation (to the Russian Federation), fulfilled by a resident (non-resident ) works, provision of services by a resident (non-resident), transfer by a resident (non-resident) of information and results of intellectual activity, provision by a resident (non-resident) of services related to the sale of fuels and lubricants and material and technical supplies to ensure operation Vehicle, transfer by a resident (non-resident) of movable or real estate for lease, financial lease - if the amount of obligations is equal to or exceeds the equivalent at the Bank of Russia exchange rate on the date of conclusion of the contract, or on the date of conclusion of the latest changes (additions) providing for a change in the amount of the contract, under the Export contract - 6 million Russian rubles or under the Import contract contract - 3 million Russian rubles.
Credit agreement (loan agreement) - if the amount of borrowed funds provided (received) by a resident is equal to or exceeds the equivalent of 3 million Russian rubles at the Bank of Russia exchange rate on the date of concluding the loan agreement, or on the date of concluding the latest changes (additions) providing for changes in the amount of the loan agreement.
A resident who is a party to a contract (loan agreement) must register it within the following time frame (clause 5.7 of Instruction No. 181-I):
1) When writing off funds (hereinafter - DS) in favor of a non-resident - no later than the date of submission of the order to write off funds.
2) When crediting a DS from a non-resident - no later than 15 working days after the date of crediting the funds to the resident’s account.
3) When making settlements with a non-resident through a resident’s account opened with a non-resident bank - no later than 30 working days after the end of the month in which the specified operation was carried out.
4) When fulfilling obligations under a contract through the import into the Russian Federation (export from the Russian Federation) of goods and if there is a requirement for customs declaration of goods - no later than the date of submission of the DT, a document used as DT, an application for conditional release (application for the release of a component of the exported goods ).
5) When fulfilling obligations under a contract by importing goods into the Russian Federation (exporting from the Russian Federation) and in the absence of a requirement for customs declaration - no later than 15 working days after the end of the month in which supporting documents (hereinafter - PD) were issued.
6) When fulfilling obligations under a contract through the performance of work, provision of services, transfer of information and results of intellectual activity, including exclusive rights on them - no later than 15 working days after the end of the month in which the PD was issued.
7) When fulfilling obligations under a contract (loan agreement) in a manner different from those specified in paragraphs 1 - 6 - no later than 15 working days after the end of the month in which the PD was issued. 8) If the contract (loan agreement) does not determine the amount of obligations:
no later than the deadline for the resident to submit documents related to the conduct of operations, no later than the date of submission of documents for customs clearance of goods or the deadline for submitting a certificate of PD in the event of other fulfillment of obligations under the contract (loan agreement) when carrying out that operation, customs clearance that batch of goods, other fulfillment of obligations, as a result of which the amount of settlements under the contract (loan agreement), the cost of goods under the contract, the amount of obligations under the contract (loan agreement) will be equal to or exceed the threshold value for registering the contract (loan agreement).
From 03/01/2018, the number of the transaction passport (PS) previously issued under the contract (loan agreement) becomes a unique contract/loan agreement number (UNK).
The certificate of supporting documents (hereinafter referred to as SPD) continues to be used under the conditions of Instruction No. 181-I and is a unified form of accounting and reporting on foreign exchange transactions of residents (clause 1.3 of Chapter 1). Cases, procedure and terms for providing SPD are regulated by Ch. 8 Instructions No. 181-I. The form and procedure for filling out the SPD are established by Appendix 6 to Instruction No. 181-I.
Please note that Article 15.25 of the Code of Administrative Offenses establishes liability for violation of the deadlines for providing SPD.
As of March 1, 2018, the requirement for residents to submit a certificate of foreign exchange transactions to an authorized bank has been abolished.
In accordance with Instruction No. 181-I, the resident is obliged or has the right to provide documents related to the operation being carried out.
If there is a requirement to provide information about the transaction (UK, transaction type code, expected term), this information can be provided both in a free format and in the form “Information on the currency transaction” recommended by the Bank (for the efficiency of control on the Bank’s side).
No. 14 Is it enough to send to the Bank only a transfer application indicating the basis for the payment and details of the agreement with a non-resident, the amount of which is less than or equal to the equivalent of 200,000 rubles, to execute a payment in foreign currency?No, such a transfer application is not enough.
According to clause 2.7 of Instruction No. 181-I, when debiting foreign currency from a current account in foreign currency, the resident in the situation under consideration must provide the authorized bank with information about the transaction type code corresponding to the name of the transaction from Appendix 1 to Instruction No. 181-I.
A resident can use the “Information on Currency Transaction” form to submit to VTB Bank (PJSC) or provide information in any form on paper or via the remote banking system. In any case, information about a currency transaction or other message from the client must contain an indication that the amount of the agreement with a non-resident does not exceed the equivalent of 200,000 rubles, and therefore documents related to the operation are not provided.
No. 15 Can the presence of a validity period in a foreign trade agreement be considered sufficient to fulfill the requirements of Federal Law No. 173-FZ on including in the contract information about the deadlines for the fulfillment of obligations by the parties (come into force on May 14, 2018), or should the deadlines for fulfillment be established separately?In our opinion, having a contract validity period is not enough.
According to Part 1.1 of Article 19 of Federal Law No. 173-FZ, in order to fulfill the requirement for the repatriation of foreign currency and the currency of the Russian Federation, agreements concluded between residents and non-residents for the purpose of carrying out foreign trade activities must indicate the deadlines for the parties to fulfill their obligations under the agreements. The duration of the contract may also include, for example, a guarantee period, a period for filing possible claims after fulfillment of obligations, or other additional periods not related to control over the period of repatriation of funds under foreign trade contracts.
Dear Clients,
On the official site Central Bank of the Russian Federation, on September 20, 2018, the Directive of the Bank of Russia dated July 5, 2018 No. 4855-U was published on amendments to the Bank of Russia Instruction dated August 16, 2017 No. 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 of accounting and reporting on currency transactions, the procedure and deadlines for their submission.”
In accordance with clause 2 of the Directive, it comes into force 60 days after the date of its official publication, that is, from November 20, 2018.
WITH full text The instructions can be found on the official website of the Bank of Russia on the Internet (www.cbr.ru) and in the information and legal system “Consultant”.
The article described the new currency control rules in force in 2020. This is very important for companies importing or exporting products.
What's new in currency control in 2020
In 2019, two laws were signed amending the existing regulations regarding currency control:
- Federal Law No. 265-FZ of 08/02/2019 “On amendments to the Federal Law “On Currency Regulation and Currency Control” in terms of liberalizing restrictions on foreign exchange transactions by residents using accounts (deposits) opened in banks located outside the territory of the Russian Federation Federation, and repatriation of funds"
- Federal Law No. 341-FZ of October 16, 2019 “On amendments to Articles 19 and 23 of the Federal Law “On Currency Regulation and Currency Control” regarding the implementation of foreign exchange transactions between residents and non-residents using transferable letters of credit.”
|
Change object |
What happened before |
How did it happen |
|---|---|---|
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Repatriation currency funds to the exporter's account in a domestic bank |
I had to return all the funds to the account of the seller, a resident of the Russian Federation, to the bank of the country |
Cancellation of repatriation controls, provided that the export of goods is carried out in Russian rubles. But there are the following exceptions:
|
| Increased emphasis on ruble payments when exporting goods | It was forbidden to send money during export trade to foreign banks. For settlements, foreign accounts of Russian residents were used. In this case, the resident’s account had to be opened at a representative office of a domestic bank abroad. | Allowed to enroll cash(revenue from trade) to a bank account in a foreign bank for a period of up to 30 calendar days. During this time, you need to have time to transfer funds to Russian bank or its branch abroad. |
| Reduction of fines or other penalties if export operation passed with a minor violation of currency control. |
|
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| Return to Russia of proceeds from the sale of goods to a foreign buyer | The commission bank also had to be repatriated. | The refund will be considered completed if the entire amount has been credited to the Russian bank account minus the commission paid to the commission bank for transferring the proceeds to the Russian Federation. |
| Addition regarding recognition of repatriation of currency or rubles as completed | Repatriation was considered completed when the money arrived in an account in a Russian bank |
The resident, the recipient of the proceeds, ensured, within the time period specified in the trade agreement, the receipt of currency or rubles from a foreign bank to their accounts of an authorized bank or to the account of another recipient who is a resident of the Russian Federation. At the same time, the latter is the person who must execute the transferable letter of credit in accordance with the export agreement. |
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Reasons why a bank has the right not to conduct a foreign exchange transaction |
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What the above changes do:
- Open ruble accounts abroad if the legislation of the country where the goods are sold allows this. And make payments with a foreign partner in Russian currency;
- Feel more free when exporting transactions, as foreign exchange controls have significantly eased fines.
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.
A unique number is assigned by your bank upon placement currency transaction for registration. See below for a sample of filling out the SOP in 2020.
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
Registration of a transaction passport for currency control
In 2020, according to the new currency control rules, a transaction passport will not be issued. Now banks will register contracts with foreign companies and their representatives. What to do if the transaction passport has already been issued.
Now bailiffs have also started fining accountants - read more in the article of the Russian Tax CourierHow does currency control work now?
Let's look at the step-by-step process of overcoming currency regulation with all the changes in 2020.
- To register currency contract Provide the financial institution with general information about your agreement. Include data on the type of currency and amount, be sure to include the day of the beginning and execution of the contract, its type, details of the foreign counterparty;
- Having received the data, the bank employee will register your contract within 1 business day, assigning it a unique number and opening a currency control sheet for it;
- After scrolling through the transaction, you must report on it by sending supporting documents and a certificate of supporting documents. Inform the bank of any changes to the contract by sending the appropriate documentation. If the counterparty's details have changed, a simple statement is sufficient.
- If you want to deregister your contract, write a statement accompanied by documents explaining this step;
- If you wish, you can change the service provider financial institution, transferring the contract and its unique number to the new bank.
Currency control: changes in 2020 for individuals
5. Individuals (residents of the Russian Federation) who are subject to sanctions may not provide data on their foreign deposits to the Federal Tax Service. But this works if the following conditions are met: The deposit amount for the year is not more than 600,000 rubles; The bank where the account is opened exchanges information with the departments of the Russian Federation and is ready to submit information to the Federal Tax Service of Russia; The depositor's bank is located in the OECD or FATF territory. |
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From January 2018, a new instruction of the Bank of Russia on currency control will come into force. It cancels the obligation to issue a transaction passport. In this way, the developers planned to make life easier for exporters. Certain relaxations, of course, have appeared, but in general you will still have to collect a package of documents for currency control.
On October 31, the Ministry of Justice of Russia 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 deadlines for their submission” (hereinafter referred to as Bank of Russia Instruction No. 181-I).
The purpose of this document is to reduce the burden on residents when performing foreign exchange transactions. The provisions of the new Bank of Russia instruction No. 181-I will come into force on January 1, 2018. From the same date, the current Bank of Russia instruction dated June 4, 2012 No. 138-I “On the procedure for residents and non-residents to submit documents and information to authorized banks related to the conduct of foreign exchange transactions, the procedure for issuing transaction passports, as well as the procedure for recording foreign currency transactions by authorized banks and monitoring their implementation” (hereinafter referred to as Bank of Russia Instruction No. 138-I).
From 2018, there will be no need to issue a transaction passport and a certificate of foreign exchange transactions
The main innovation is the abolition of the requirement to issue a transaction passport. Instead, starting next year, banks will keep records of contracts. The bank that accepted the contract for accounting will be called the contract accounting bank, briefly - the management bank. After receiving the documents, the bank will assign a unique number to the contract. And the actual registration of the contract with the bank will take only one business day. Now (until the end of 2017) banks issue a transaction passport within three working days (clause 6.7 of Bank of Russia Instruction No. 138-I). In addition, the bank will not be able to refuse to register the contract.
The new procedure does not contain grounds for the bank to refuse to register a contract. At the same time, Bank of Russia Instruction No. 138-I, currently in force, provides grounds for refusing to issue a transaction passport. One of them is the discrepancy between the data specified in the completed transaction passport form and the information contained in the contract or other documents and information submitted by the resident, including the absence in them of grounds for issuing a transaction passport (clause 6.9 of the Bank of Russia instructions No. 138-I).
Bank of Russia Instruction No. 181-I also cancels the requirement for residents to submit certificates of foreign exchange transactions to banks. At the same time, you will still have to submit documents to the bank that are the basis for conducting currency transactions. The certificate of supporting documents will also remain, although its form will change.
Export contracts need to be registered if their amount is 6 million rubles. and more
From January 1, 2018, the threshold of obligations will increase, at which residents will need to register a contract (according to the old rules - when it is necessary to issue a transaction passport). Currently, the threshold amount of obligations at which a resident needs to issue a transaction passport at the bank is foreign trade contract, is 50,000 US dollars (this is about 3 million rubles). But starting from 2018, a contract will need to be registered if the amount of obligations is:
under an import contract or loan agreement - 3 million rubles. and more;
under an export contract - 6 million rubles. and more.
If the amount in the contract is less, it will not need to be registered with the bank. At the same time, even in this case, the bank has the right to request documents under the contract.
Also, Bank of Russia Instruction No. 181-I 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 200,000 rubles. In this case, the resident must provide the authorized bank with information about the transaction type code corresponding to the name of the transaction type. These codes are indicated in Appendix 1 to Bank of Russia Instruction No. 181-I.
Documents for registering a contract
To register a contract, the resident-exporter must provide the bank with information about the export contract necessary for registering it. This is the type of export contract, date, number (if any), currency of the export contract (name), amount of obligations stipulated by the export contract, date of completion of fulfillment of obligations under the export contract. You will also need the details of the non-resident who is a party to the export contract: name, country. Another option: you can submit to the bank the export contract itself or an extract from the export contract with the information necessary for the bank.
The export contract must be submitted to the bank no later than 15 working days after the date of registration of the export contract by the bank if, in order to register the export contract, the resident exporter provided only information about the export contract.
Transitional provisions
Transaction passports for contracts that are not closed on the date of entry into force of Bank of Russia Instruction No. 181-I (i.e., as of January 1, 2018) and are in the currency control file will be considered closed without the authorized bank marking their closure. They will be stored in the currency control file in accordance with the requirements of the new Bank of Russia instruction No. 181-I. The number of such contract transaction passport will be considered the unique number of the contract accepted for registration by the bank.
If, on January 1, 2018, the bank checks a completed form of a certificate of supporting documents with supporting documents, which is drawn up and submitted by a resident to the bank in accordance with the requirements of the previous Bank of Russia instruction No. 138-I, then the bank will not return the certificate of confirming documents to the resident. documents and supporting documents. In this case, the bank must check whether the certificate of supporting documents and supporting documents contains information sufficient to accept the certificate of supporting documents and supporting documents in accordance with the requirements of the new Bank of Russia instruction No. 181-I. At positive result verification, the bank will accept a certificate of supporting documents and supporting documents.