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Currency Exchange Regulation Changes Considered


The Russian State Duma has approved a second reading of a draft law on simplifying procedures for currency exchange regulation.

According to the proposed amendments, Russian citizens which hold temporary residence or work or student visas valid for more than one year in another country would not be considered tax residents in Russia.

The draft broadens the definition of a non-resident for tax purposes which, according to developers of the law, will allow resident legal entities to pay salaries in foreign currency to those Russian citizens who reside abroad or hold long-term visas or residencies (longer than one year).

The draft's authors also suggest obligating residents in the process of foreign trade transactions to supply the authorized banks with information concerning the expected maximum term that any non-residents listed on the bank accounts will use those accounts for transacting goods, services, completed work, and also for deliveries.

Moreover, the transaction certificate must list the number and date of issue of the certificate, information about the resident and its foreign contractor, general information about the foreign trade transaction, the amount and currency of the transaction, information about the authorized bank, about the re-issuance and reasons for closing the transaction certificate.
The draft specifies jurisdiction of customs authorities in reporting to the Bank of Russia and authorized banks electronic data about registered declarations of goods.

If approved, the law will come into effect six months after publication. Regulation on reporting electronic data by the customs authorities will come into force on January 1, 2013. 

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