INTERPROGRESSBANK (Joint Stock Company) is a currency control agent and exercises control over all types of currency transactions in accordance with current legislation.

Our clients can always receive professional advice from highly qualified currency management specialists on the drafting of foreign trade contracts at the project stage, on the compliance of currency transactions with current regulations, as well as other issues regarding the implementation by residents and non-residents of currency legislation.

CHANGES IN CURRENCY OPERATIONS FROM MARCH 01, 2018

In accordance 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” the contract is subject to registration, if the amount of obligations under contracts (loan agreements) is equal to or exceeds the equivalent of:

• for import contracts or loan agreements - 3 million rubles;
• for export contracts – 6 million rubles.

The uniform forms of accounting and reporting on currency transactions are the Certificate of Supporting Documents and the Banking Control Statement.

Exporters are given the right to dispose of funds located in a transit currency account before submitting documents related to transactions, subject to the provision of information about the code of the type of transactions of residents and non-residents.

Without providing documents, currency transactions can be carried out under an agreement concluded with a non-resident, the amount of obligations under which is equal to or does not exceed the equivalent of 200 thousand rubles. The norm refers to the contract amount, not the payment amount.

The Bank retains the right to request documents and information related to the currency transaction being conducted.

CHANGES IN CURRENCY OPERATIONS FROM MAY 14, 2018

The new version of the Law of December 10, 2003 No. 173-FZ “On Currency Regulation and Currency Control” gives banks the authority to refuse to carry out a foreign exchange transaction if such a transaction violates the provisions of:

• Article 9 of Law No. 173-FZ (currency transactions between residents);
• Article 12 of Law No. 173-FZ (resident accounts in banks outside the Russian Federation);
• Article 14 of Law No. 173-FZ (rights and obligations of residents when carrying out currency transactions);
• other acts of currency legislation;
• as well as in the event that a person fails to provide documents required on the basis of parts 4 and 5 of Law No. 173-FZ, or submits false documents, or submits documents that do not comply with the requirements of Law No. 173-FZ.

From May 14, 2018, residents will have new responsibilities.

In order to fulfill the requirement for the repatriation of foreign currency and the currency of the Russian Federation from 05/14/2018 residents have an obligation as specified in agreements (contracts) concluded between residents and non-residents when carrying out foreign trade activities and (or) when residents provide loans to non-residents, deadlines for fulfillment of obligations by the parties according to the specified agreements (contracts).

Thus, residents will be required to submit in the manner established by the Bank of Russia, authorized banks information about specific deadlines:

• Receipt of export proceeds into your accounts in authorized banks;
• Fulfillment by non-residents of obligations under import contracts (delivery of goods, performance of services, etc.) on account of advance payments made by residents and the timing of the return of these advance payments;
• On the expected time frame for non-residents to fulfill their obligations to repay loans provided to them by residents.

Since May 14, 2018, significant changes have been made to the Administrative Code.

The procedure for accounting for currency transactions.

Foreign exchange transactions are carried out by the enterprise on foreign currency accounts, the number of which is not limited, however, they can be opened only in authorized banks. The procedure for opening a foreign currency account is similar to the procedure for opening a current account, including the mandatory submission of a package of documents to the bank. Based on them, the bank will open 2 accounts for the company:

− current currency account– to account for the currency at the disposal of the enterprise;

− transit currency account– for crediting currency and conducting a number of foreign exchange transactions, for example, for crediting the account of currency received from the founder as a contribution to the authorized capital, for paying export customs duties, etc.

− special transit currency account– to account for currency purchased on the domestic foreign exchange market.

The bank informs the company about all transactions performed in a statement in two currencies: foreign and ruble equivalent.

RUBLE EQUIVALENT – this is the amount of foreign currency converted into rublesat the exchange rate of the Central Bank of the Russian Federation on the day of the transaction.

Accounting for foreign exchange opera tions is regulated by PBU 03/2006 “Accounting for assets and liabilities, the value of which is expressed in foreign currency” and is organized on account 52 “Currency accounts” (A), to which sub-accounts can be opened:

52-1 “Current foreign currency account”;

52-2 “Transit currency account”;

52-3 “Special transit currency account”.

Regardless of the type of currencies used accounting of currency transactions is carried out in rubles, Therefore, assets and liabilities whose value is denominated in foreign currency must be laneeread in rubles by official course.

When is the recalculation carried out?	What is being recalculated
1. On the date of commission operations in foreign currency	a) the value of the Criminal Code (80); b) the cost of acquired fixed assets and intangible assets (08), materials (10), goods (41);
2. As of the date of compilation reporting	Cost of funds: − cash currency and monetary documents (50), − funds in bank accounts (52, 55), − funds in settlements (60, 62, 71, 73, 75, 76), − short-term financial investments (58), − borrowed funds (66, 67), loans provided (58), − balances of target financing funds in foreign currency (86).
3. As exchange rates change (if necessary)	Cash currency and funds in bank accounts

The official ruble exchange rate changes over time. For this reason, accounting problems may arise. exchange rate differences (KR): positive and negative. If the exchange rate has increased, then on actiVnykh positive coefficients appear in the accounts, and on passive− negative. If the exchange rate has decreased, then vice versa.

Sum positive CR included in other income:

D 50 (52, 60, 62, 66.

Accounting for transactions on foreign currency accounts in a bank: features and transactions + transit account

. .) – a) positive CR is reflected

K 91 b) the amount of positive CR is included in other income

Sum negative KR included in other expenses:

D 91 – negative CR reflected

K 50 (52, 60, 62...)

An exception to the accounting procedure for the Kyrgyz Republic is the accounting of exchange rate differences arising in settlements with founders when the contribution of a non-resident founder is declared in foreign currency. In this case, the resulting CDs are attributed to the change in additional capital. For example,

D 75 – the additional capital of the enterprise is increased by the amount of positive CR

EXAMPLE.

commission for currency control of transactions

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A favicon is a seemingly insignificant element of a website, but in fact it helps solve important problems:

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For the Internet Explorer browser, a special link is used, where at the beginning there will be link rel="shortcut icon".

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In order for the favicon to be displayed in the organic search engine results, you need to wait for the added file to be indexed and updated.

Home — Articles

How to organize accounting on a foreign currency account

To correctly account for transactions with foreign currency, sub-accounts should be opened for account 52:

52-1 "Currency accounts within the country";

52-2 "Currency accounts abroad."

In addition, it is advisable to open second-order subaccounts for subaccount 52-1:

— 52-1-1 “Current foreign currency account”;

— 52-1-2 "Transit currency account";

— 52-1-3 "Special bank account".

The company has the right to open accounts in various currencies (US dollars, euros, etc.). In this case, it is better to record transactions for each type of currency in separate sub-accounts.

Commission of the bank

You have to pay a commission for the bank's account servicing services. The amount of the commission is established by mutual agreement between the bank and the client in the agreement for settlement and cash services. Payment can be made both in rubles and in foreign currency.

The commission can be withheld:

— bank of a Russian organization;

- a bank of a foreign company.

The commission is retained by the bank of the Russian organization

If the commission is retained by the bank of a Russian organization, the proceeds from the foreign company are received in the amount specified in the contract.

Expenses associated with paying for bank services are reflected in the following entries:

Debit 60 (76) Credit 51 (52)

— the commission was written off based on the bank statement;

Credit 60 (76)

— the amount of the commission is taken into account as part of other expenses.

Example 1. CJSC Mir entered into an agreement for the sale of products with an American company in the amount of $20,000. The proceeds were transferred to the foreign exchange account of Mir CJSC in March 2006.

Accounting for funds in foreign currency. Accounting entries

The bank commission amount is USD 200. Let's assume that the US dollar exchange rate on the date the commission was written off was 27.6 rubles/USD. The accountant of Mir CJSC wrote down:

Credit 90 subaccount "Revenue"

— 552,000 rub. (20,000 USD x 27.6 rubles/USD) - proceeds are credited to the transit currency account;

Credit 52 subaccount "Transit currency account"

— 5520 rub. (200 USD x 27.6 rubles/USD) - the commission amount is written off based on the bank statement;

Debit 91 subaccount "Other expenses"

In tax accounting, a company’s expenses for paying for bank services can be taken into account either as expenses associated with production and sales (clause 25, clause 1, article 264 of the Tax Code of the Russian Federation), or as non-operating expenses (clause 15, clause 1, article 265 of the Tax Code). Code of the Russian Federation). An organization has the right to independently determine in its accounting policy which specific group of costs it will include expenses for paying for bank services (clause 4 of Article 252 of the Tax Code of the Russian Federation).

The commission is retained by the bank of the foreign company

The bank of a foreign company can transfer proceeds to the foreign currency account of a Russian exporter, having previously withheld the commission amount from it. In this case, the amount of revenue received will differ from the amount reflected in the contract.

In such a situation, we advise you to stipulate in advance in the contract at whose expense the costs associated with the transfer of proceeds to a foreign currency account will be covered. If the contract stipulates that the costs of transferring the payment are incurred at the expense of the Russian organization, the bank's commission is reflected by posting:

Debit 76 Credit 62

— the costs of transferring the payment are reflected.

This entry is made on the basis of a wire or telex message or a Community System for Worldwide Interbank Financial Telecommunications (SWIFT) funds transfer message indicating the amount of the fee withheld.

Example 2. Let's use the condition of the previous example, but with a caveat. Let us assume that, according to the terms of the contract, all costs associated with the transfer of money are paid by Mir CJSC. The American bank commission was also $200.

Thus, 19,800 US dollars (20,000 - 200) were received into the foreign currency account of the Russian company. On the same day, Mir CJSC received documents confirming the payment of a commission to a foreign bank.

The accountant of Mir CJSC made the following entries:

Credit 90 subaccount "Revenue"

— 552,000 rub. (20,000 USD x 27.6 rubles/USD) - revenue from the sale is reflected;

Debit 52 subaccount "Transit currency account"

— 546,480 rub. (USD 19,800 x RUB 27.6/USD)—revenue is credited to the foreign currency account minus the withheld commission;

Debit 76 Credit 62

— 5520 rub. (200 USD x 27.6 rubles/USD) - the commission of an American bank is reflected;

Debit 91 subaccount "Other expenses"

— 5520 rub. — the amount of the commission is taken into account as part of other expenses.

If the contract does not stipulate that the costs of transferring currency to the account of a Russian organization are made at its expense, the amount of the commission will be taken into account as uncollected receivables.

In this case, the Russian company will have to amend the contract and indicate that it is the company that pays the commission to the foreign bank. You will also have to re-issue the transaction passport. In this regard, we once again recommend that you stipulate in advance in the contract which party will cover the costs associated with the transfer of money.

Please note: the amount of VAT that is paid to suppliers and directly relates to the costs of production and sale of exported products can be reimbursed from the budget.

Such compensation is made only after the exporter’s account receives money in payment for the export contract (clause 2, clause 1, article 165 of the Tax Code of the Russian Federation). However, tax inspectors often refuse to refund VAT, citing the fact that the proceeds did not go to the exporter’s account in full, but minus the bank commission. In this case, you have every right to go to court. Courts usually support the position of exporters if, under the terms of the contract, a commission is paid by a Russian company.

Account abroad

Customer Information

Message to Clients

Dear Clients!

We inform you that CJSC Raiffeisenbank (hereinafter referred to as the Bank) has established the following procedure for writing off commissions for performing the functions of a currency control agent:

According to the standard tariffs, which are annex to the bank account agreement, the commission for the bank to perform the functions of a currency control agent is calculated as a certain percentage of the amount of the currency transaction completed under the contract (agreement) for which a transaction passport (hereinafter referred to as the TS) has been opened in our Bank.

However, it is necessary to take into account the specifics of the services provided by the Bank in the field of currency control. The process of providing this type of service consists of checking and signing the PS, certificates of currency transactions, certificates of supporting documents, reflecting information in bank control statements, maintaining a dossier on the PS, advising clients on currency control issues, as well as checking currency transactions for their compliance with the current currency legislation of the Russian Federation (both currency transactions carried out within the framework of the PS, and for which execution of the PS is not required). Thus, the process of the Bank providing services in the field of currency control is continuous and is not limited only to the moment of conducting a currency transaction under the PS.

In accordance with the Tax Code of the Russian Federation (hereinafter referred to as the Tax Code of the Russian Federation), if the provision of services is continuous, commissions must be written off at least once a month, and an invoice must be issued no later than the 5th day of the month following the month of provision of services.

Taking into account the above norms of the Tax Code of the Russian Federation, the commission for performing the functions of a currency control agent and issuing invoices is written off by the Bank on a periodic basis at least once a month on one of the last three working days of the month:

for outgoing payments– for currency transactions carried out within the framework of transaction passports in the reporting period1

by enrollment– for currency transactions identified by PS by submitting a certificate of currency transactions in the reporting period.

We also draw your attention to the fact that if a currency transaction within the framework of the PS was carried out in foreign currency, then since the amount of the commission for performing the functions of a currency control agent is a certain percentage of the payment made, the amount of the client’s obligations to the Bank will also be expressed in foreign currency . Thus, the invoice for this commission will also be issued in a foreign currency - the currency of the obligation. This procedure for issuing invoices fully complies with Decree of the Government of the Russian Federation dated December 26, 2011 No. 1137, which obliges to issue invoices in Russian rubles only if, when selling goods (work, services), property rights, according to the terms of the contract, payment must be made be made only in Russian rubles (in an amount equivalent to a certain amount in foreign currency or in conventional monetary units). Since the bank account agreement concluded between the Bank and the client does not provide for such an obligation, if the transaction under the PS was carried out in foreign currency, invoices are also generated in foreign currency, i.e. in the currency of the obligation.

At the same time, we ask you to note that the commission can be debited both from an account in the currency in which the invoice was issued, and from an account in a different currency.

Account 52 in accounting: postings, examples of transactions on a foreign currency account

Additionally, we inform you that the calculation and write-off of commissions for performing the functions of a currency control agent is carried out at the Bank using a specialized software package, which allows you to set one or more write-off accounts as a limit for writing off the commission for the Bank’s performance of the functions of a currency control agent (the commission will be written off only from the specified accounts; if several accounts are specified, the debit will be made from any of them).)

To establish such restrictions, it is necessary to send an official letter to the Bank’s customer service department (on the organization’s letterhead or in the form of a DSF) indicating one or more account numbers to write off the commission for the Bank’s performance of the functions of a currency control agent.

We ask you to note that these restrictions will apply only to those commissions that will be written off after the Bank receives the above application (in this case, the restrictions will only apply to the currency in which the commission is written off, the invoice will still be issued in the currency in which liabilities, that is, including in foreign currency).

We inform you that with 30.10.2013 changes were made to the software package used by the Bank for calculating commissions and issuing invoices, which affected the order of postings for writing off commissions and displaying information about payment of commissions for performing the functions of a currency control agent in the statement of the account from which the payment was made write-off, on the procedure for calculating VAT on the commission amount. The possibility of partial payment of an invoice has also been added (if there are insufficient funds in the accounts for full payment).

If previously (for commissions calculated before 10/30/2013) in the statement of the account from which the commission was written off, two entries were reflected for one invoice: for the total amount of the commission on the invoice and for the total amount of VAT on the invoice, then for commissions accrued from October 30, 2013, more detailed information is reflected in the account statement: a separate line on the statement shows the amount of the commission for each transaction and a separate line - VAT accrued on such a commission (for example, if the invoice includes 7 transactions , then upon full payment of the invoice, the statement will reflect the 14th period: 7 - for commissions and 7 - for the amount of VAT). In this case, for convenience, in the field of the statement “Purpose of the transaction” the invoice number will be indicated, as well as the PS number, the date and amount of the transaction for which the commission was accrued, the amount of the commission written off and the conversion rate (if applicable).

A VAT amount of 18% of the commission amount is charged on each commission included in the invoice. Moreover, if there are several lines in the invoice, then in the line “Total payable” the total VAT on the invoice will be indicated as the result of summing the VAT calculated for each commission separately.

We also ask you to take into account the specifics of recalculating commission amounts and VAT if the write-off is made in a currency different from the invoice currency: conversion into the payment currency is carried out at the official rate established by the Bank of Russia on the date of write-off, for each commission amount and each amount VAT separately (and not on the total invoice amount), with each amount rounded using the mathematical rounding method. For example, if an invoice is issued in a foreign currency, and the debit is made from an account in rubles, then when calculating the amount of debit in rubles, the commission amount in foreign currency is initially calculated, on its basis the VAT amount is calculated, also in foreign currency, then each of amounts are mathematically rounded and multiplied by the official foreign currency to ruble exchange rate established by the Bank of Russia on the date of write-off.

We would also like to draw your attention to the fact that the information about the details of your organization used to fill out the fields of the invoice corresponds to the information officially provided by you to the Bank as part of the constituent and registration documents. Therefore, in case of changes in the details of your organization (for example, legal address, checkpoint, name, etc.), we ask you to promptly send a complete set of documents to register changes in the Bank’s systems and databases, otherwise the Bank, not having updated information, will indicate in the invoice -invoice data is out of date. As a result, the tax office will not be able to accept the invoice data for consideration when crediting VAT.

You can obtain information about the set of documents that must be submitted to the Bank when changing details from the customer service department or from the account manager of your organization.

Let me take this opportunity to thank you for your cooperation with our Bank; we hope that the information contained in this letter will be useful to you.

Sincerely,

Currency control department for legal entities

1. Contract law book five Volume 2 agreements on bank deposit, bank account; bank payments. Competition, gaming agreements and betting

   Contest

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2. Management Board of LLC KB "Uralfinance" (2)

   Document

   … settlement procedure … commissions then … write-off funds... overfilling overfilling Bank...

3. LLC KB "Uralfinance"

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   … settlement procedure … commissions starts from the month following then… on write-off With … overfilling banking operations of legal entities and individual entrepreneurs in foreign currency, as well as overfilling Bank functions of the currency control agent …

4. Money in the field of international economic turnover

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   ... without acceptance write-offs funds... foreign exchange regulation and currency control; organization of the functioning of the interbank system calculations; performing a function financial agent... defines settlement procedure and has... banking commission for opening accounts...

5. Instruction No. 138 dated June 4, 2012 on the procedure for presentation by residents and non-residents to the authorized

   Instructions

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Other similar documents...

There are non-residents; when transferring salaries to a card, the bank makes two operations: 1. VAT for performing the functions of a currency control agent; 2. Commission for performing the functions of a currency control agent. What postings need to be made to the control unit and control unit?

In accounting, reflect the payment of the bank commission for performing the functions of a currency control agent with the allocated amount of VAT using the following entries:

Debit 76 Credit 51 – bank commission paid;

Debit 91-2 Credit 76 – reflected in other expenses are the costs of paying bank commissions (excluding VAT);

Debit 19 Credit 76 – VAT charged by the bank on the bank commission for performing the functions of a currency control agent is taken into account;

Debit 68 Credit 19 – VAT presented by the bank is accepted for deduction based on the issued invoice.

In tax accounting, deduct VAT in the general manner, and take into account the amount of the commission as part of other or non-operating expenses.

Rationale

Can a bank issue an invoice in foreign currency for performing the functions of a currency control agent? The cost of services is expressed in foreign currency and is debited in rubles from the organization’s ruble account

No, he can not.

An invoice can be issued in a foreign currency in the only case: if the cost of services under the contract is expressed in foreign currency, and settlements under this contract are also carried out in foreign currency. When the cost of services is estimated in foreign currency, and these services are paid in rubles, then in line 7 of the invoice the contractor must indicate the name of the currency: “Russian ruble, 643”. This follows from the provisions of paragraph 7 of Article 169 of the Tax Code of the Russian Federation and subparagraph “m” of paragraph 1 of Appendix 1 to. Similar clarifications are contained in letters of the Ministry of Finance of Russia dated July 6, 2012 No. 03-07-15/70 and the Federal Tax Service of Russia dated September 12, 2012 No. AS-4-3/15209 (the documents are posted on the official website of the Federal Tax Service of Russia in the section “Explanations , mandatory for use by tax authorities").

The above requirements are the same for all taxpayers selling goods (work, services) in Russia. There are no exceptions for banks providing currency control agent services.

Currency control services (checking compliance with currency legislation when making currency transactions) do not relate to banking operations and are therefore subject to VAT. This follows from the provisions of the Law of December 10, 2003 No. 173-FZ, the Law of December 2, 1990 No. 395-1, subparagraph 3 of paragraph 3 of Article 149 of the Tax Code of the Russian Federation and is confirmed by paragraph 9 of the information letter of the Presidium of the Supreme Arbitration Court of the Russian Federation dated May 31, 1999 No. 41, letter of the Federal Tax Service of Russia dated May 17, 2005 No. MM-6-03/404.

When selling services subject to VAT, the contractor (bank) is obliged to issue an invoice to the customer, in which the mandatory details must be filled in (clause, article 169 of the Tax Code of the Russian Federation). One of these details is the name of the currency (subclause 6.1, clause 5, article 169 of the Tax Code of the Russian Federation). In this situation, the bank determines the cost of its services in foreign currency, and charges payment for these services in rubles. Therefore, line 7 of the invoice must indicate the name of the currency: “Russian ruble, 643.”

If the bank nevertheless presented your organization with an invoice in which it indicated the amount of VAT in foreign currency, then such a document is considered to be drawn up in violation of legal requirements. Tax cannot be deducted on this basis.

To avoid refusal to deduct VAT, do not register an invoice with an error in specifying the currency in the purchase book (clause 3 of section II of appendix 4 to Decree of the Government of the Russian Federation of December 26, 2011 No. 1137). Request the bank's accounting department to send you a corrected invoice to replace the erroneous one.

2. From the recommendation of Oleg Khoroshiy,
How to reflect payment of bank expenses in accounting

In accounting, reflect the costs associated with paying for banking services as part of other expenses (clause 11 of PBU 10/99). Depending on the terms of the contract on the date of recognition of expenses, make the following entry:

Debit 91-2 Credit 76 (60)
– expenses for paying for bank services (bank commission) are reflected.

Reflect the actual debiting of the amount of expenses from the current account by posting:

Debit 76 (60) Credit 51
– paid for bank services (bank commission written off).

The same procedure takes into account the costs associated with the installation and maintenance of the Bank-Client system (clause 18 of PBU 10/99).

For organizations that have the right to conduct accounting in a simplified form, a special procedure for accounting for expenses is provided (Part, Article 6 of the Law of December 6, 2011 No. 402-FZ).

There are also features in accounting for this type of banking expenses, such as interest on loans provided to organizations. For example, interest on a loan raised for the acquisition (construction) of investment assets, as a general rule, must be included in their initial cost. Organizations that have the right to keep accounting in a simplified form can include all interest on loans and borrowings as other expenses.

From the recommendation of Oleg Khoroshiy, Head of the Department of Profit Taxation of Organizations of the Department of Tax and Customs Tariff Policy of the Ministry of Finance of Russia
How to reflect payment of bank expenses for tax purposes. The organization applies a general taxation system

By signing a contract with a non-resident, for example, for the supply of goods, for the provision of advertising services, an agency agreement, etc., the organization automatically becomes a participant in a foreign economic transaction. In this case, settlements under the contract with a non-resident in cash are impossible.

Within the framework of Russian currency legislation, settlements for foreign economic transactions must occur only through authorized banks in non-cash form. It is at this stage that the organization is obliged to undergo currency control for legal entities at the bank performing the functions of a currency control agent.

In this article we will look at: the procedure and sequence for conducting currency control by a bank, what documents need to be provided to the bank for currency control, consider liability for violating the terms of currency control, as well as what changes in currency legislation came into force in 2018.

1. The main legislative framework for currency control for legal entities

2. Currency control for legal entities

3. Russian currency control authorities

4. Mandatory actual deadlines and what to do if they are missed

5. Changes to the law on currency control

6. Documents to the bank for currency control

7. Registration of the contract by an authorized bank

8. Providing information on supporting documents

9. Responsibility for violation of currency control terms

So, let's go in order.

1. The main legislative framework for currency control for legal entities

The main regulatory documents governing the implementation of currency control by banks are:

1. Federal Law No. 173-FZ “On Currency Regulation and Currency Control”. This law was amended on May 14, 2018.
2. Instruction of the Central Bank No. 181-I dated August 16, 2017, adopted in accordance with Law No. 173-FZ. This instruction regulates the process of providing documents and information to the bank when carrying out currency transactions. And it came into force on March 1, 2018, replacing the previous Bank of Russia Instruction No. 138-I dated June 4, 2012.
3. Another important document directly related to currency legislation is Article 15.25 of the Code of Administrative Offenses of the Russian Federation. This article specifies all types of liability for violation of regulations of currency legislation.

These are the three main regulatory documents in the field of currency legislation that underwent significant changes in 2018. Since ignorance of the law does not exempt you from responsibility, let's take a closer look at the above regulations and liability for their violation.

2. Currency control for legal entities

An exhaustive list of transactions that are subject to such control is indicated in Part 9 of Article 1 of Law No. 173-FZ. Among them:

• purchase or sale of currency by a company, as well as settlements under contracts using currency;
• import or export of currency;
• moving currency owned by the company to foreign accounts and returning it back from such accounts.

3. Russian currency control authorities

Before talking about changes and current rules, we will identify the parties that interact during currency control.

In general, the logic of currency legislation for legal entities is as follows: if something came to the Russian Federation (goods, services, funds), but the equivalent specified in the contract (goods, services, funds) did not leave the Russian Federation, then Administrative liability does not apply to residents.

For example, a resident imported goods from a European country, but did not pay for the goods within the terms established by the contract. Administrative liability will not be applied to the resident. The logic is clear - the country has not lost anything, right? Besides business reputation, of course...

If, on the contrary, something has left the Russian Federation (goods, services, money), then the equivalent specified in the contract (goods, services, money) must come in return. If in this case the equivalent does not arrive, then the resident bears administrative responsibility under Art. 15.25 Code of Administrative Offences. Because there are direct losses for the country.

Currency control authorities impose an administrative fine on residents participating in foreign economic transactions. Russian currency control authorities include:

1. Central Bank of the Russian Federation– controls only credit institutions (banks);
2. Customs– controls compliance with currency legislation related to the movement of goods and vehicles across the customs border of the Russian Federation;
3. Tax authorities– controls compliance with currency legislation related exclusively to the performance of work and provision of services under contracts with non-residents;

Information about violations of currency control deadlines is received by customs and tax authorities from banks. Accordingly, if a resident organization violated the repatriation deadlines for importing goods, then an administrative fine should be expected from the customs authorities. If a resident organization violated the repatriation deadlines for the “import” of services, then an administrative fine should be expected from the tax authorities.

4. Mandatory actual deadlines and what to do if they are missed

An important change was made to Federal Law No. 173-FZ from May 14, 2018:

• The contract with a non-resident must specify the actual expected timing of receipt of goods for import or funds for export. Not a suspended sentence, but an actual one, i.e. either a specific number of days, or a specific date! The wording “within two months” or “as soon as ready” will not work.
• In a contract with a non-resident deadlines for repayment of the advance must be specified, if goods are not delivered or work or services are not provided.

If the organization understands that the deadlines are approaching, and the non-resident supplier is in no hurry to deliver the goods for which the organization has made an advance payment (for import) and is delaying payment (for export), then the organization must sign an additional agreement to postpone the delivery date (for import) or payment goods (for export) at a later date. The date of the agreement must be before the date of delivery of the goods (for import) and payment for the goods (for export).

When services are not provided or goods are not delivered and the organization understands that the deadline for returning the advance is approaching, and the non-resident supplier is in no hurry to return the funds, then the organization needs to sign an additional agreement to defer the return of the advance to a later date. The date of this agreement must be before the advance repayment deadline specified in the contract.

In the case of provision of services under a contract with a non-resident, a situation may arise when the non-resident delays signing the certificate of completion of work or delays payment for services provided. Then, when receiving a certificate of completion of work from a non-resident, the organization signs it with the current date.

For example, an organization received a certificate of completion of work for March 2018 from a non-resident organization only on 05/22/2018: the organization signs the certificate of completion of work and sets the signing date to 05/22/2018 and provides the bank with a Certificate of supporting documents no later than 06/25/2018 (no later than 15 working days after the month in which the services were provided).

If these rules are followed, the organization will not be held administratively liable under Art. 15.25 Code of Administrative Offenses, part 4.5.

5. Changes to the law on currency control

So, you already know the first change, this is the mandatory indication of the actual expected deadlines in the contact. Let's talk in more detail about what other changes currency control has undergone for legal entities in accordance with Instruction of the Central Bank of the Russian Federation No. 181-I in the procedure for interaction with banks when carrying out foreign exchange transactions.

The certificate on currency transactions has been canceled since March 1, 2018, and now it is no longer available. But these changes did not affect the Certificate of Supporting Documents. The deadline for its provision remains the same. Please note that the Certificate of Supporting Documents in the “new” Instruction No. 181-I, just like in the “old” one, is called a form of accounting and reporting on currency transactions.

A certificate of supporting documents is provided to the bank only if the contract with a non-resident is subject to registration with the bank and is assigned a unique number, which is similar to the “old” Instruction in the case of registration of the Transaction Passport before 03/01/2018.

Table: Changes to the law on currency control

Instruction No. 138-I until 02/28/2018	Instruction No. 181-I from 03/01/2018
Impact of the contract amount on currency control for legal entities
Transaction passport (if the amount of obligations is equal to or exceeds the equivalent of 50,000 US dollars on the date of its conclusion)	A contact is registered and assigned a unique number (read more about this below)
The process of transferring a contract to a bank
A transaction passport was required, for which the contract itself had to be submitted to the bank	The transaction passport has been cancelled, and the bank has registered the contracts. In some cases the contract may be awarded at a later date
Certificate of foreign exchange transactions
When making a transaction for an amount over $1,000, it was necessary to: submit documents confirming its necessity to the bank; submit a certificate of currency transactions;	When making a transaction of 200 thousand rubles and above, he transfers to the bank: documents that explain the completed transaction. The certificate of currency transactions has been cancelled.
Certificate of supporting documents
If the transaction took place, then the bank demanded an SPD.	If the transaction has taken place, residents and non-residents provide the bank with information about the type of transaction code. SPD takes the form of a unified form of accounting and reporting on foreign exchange transactions
The procedure for transferring a contract to another bank
A currency control statement (CSC) from the organization was required	The bank itself deals with VVC
Reasons why a bank has the right not to conduct a foreign exchange transaction
Incorrect or missing documentation. Suspicion of money laundering.	The obligation of organizations to note the dates of execution of the contract in the contract. Their absence is a reason to refuse to conduct a currency transaction.

6. Documents to the bank for currency control

As mentioned above, a transaction passport is not currently being drawn up. Instead, another duty appeared - register the contract, after which the bank will assign it a unique number. This is done in the following cases:

• on export– if the contract amount is equal to or more than 6 million rubles in equivalent;
• on import of goods, works, services, loan agreements– if the contract amount is equal to or more than 3 million rubles in equivalent;

Also from 03/01/2018, if funds received within the framework of one contract do not exceed RUB 200,000.00. in equivalent, you don’t need to provide anything to the bank except the currency transaction code.

The ruble equivalent of the currency value of the contract is calculated at the official exchange rate on the date of its conclusion.

If funds are received under one contract:

• for export - more than 200 thousand rubles. in equivalent, but up to RUB 6,000,000.00. equivalent
• for imports - more than 200 thousand rubles. in equivalent - up to 3 million rubles. equivalent

then documents are provided in agreement with the bank that explain the transaction.

For resident-exporters it is established simplified procedure for registering contracts based on information about the export contract. If the resident exporter provided only information to register the export contract, 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.

To register a contract with a bank, you need to send a contact or general information about the contract to the bank.

7. Registration of the contract by an authorized bank

The resident is obliged to register the contract with the bank within the following terms:

when crediting foreign currency or Russian currency to a resident’s account;	no later than 15 working days after the date of enrollment;
when writing off foreign currency or Russian currency;	before carrying out a currency transaction (transfer of funds);
when importing/exporting goods for which there are declaration requirements;	no later than the date of filing the customs declaration;
when importing/exporting goods for which there is no declaration requirement;	no later than 15 working days after the month in which the goods were imported;
when providing services for transferring information and results of intellectual activity;	no later than 15 working days after the month in which the services were provided;
Making changes to a registered contract;
Changing the resident’s data (legal address, name) within the framework of a registered contract;	application for amendments - no later than 15 working days after the date of registration of documents;

After the resident organization provides documents for registering the contract, the authorized bank opens for this contract Banking control sheet and assigns a unique number to the contract.

The term for registering the contract with the bank is 1 business day. The period for providing a unique number by the bank to a resident is 1 business day. Total: within two working days after submitting all documents, the contract is registered with an authorized bank and assigned a unique number, of which the bank notifies the organization in a manner agreed upon with the bank. In most cases, this happens via messaging through the client bank.

When transferring a service contract to another bank, residents do not receive the control sheet in person. It is now underway electronic. If, for some reason, the new authorized bank does not have a Banking Control Statement, the contract will not be registered. In this case, you must contact the Central Bank of the Russian Federation.

8. Providing information on supporting documents

If a contract with a non-resident is subject to accounting in a bank, then it is also necessary to draw up certificate of supporting documents. A certificate of supporting documents 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 not issued residents who have entered into a contract for an amount not exceeding RUB 6,000,000.00 for export and RUB 3,000,000 for import. Also, providing certificates of supporting documents is not necessary for periodic fixed payments.

Along with the certificate, the following documents are sent to the bank: the supporting documents themselves. The list of documents that confirm the fulfillment of the resident’s obligations under the transaction is contained in paragraphs 9.1.1–9.1.4 of the Instructions and is determined taking into account the content and features of the specific commercial transaction.

So, when importing (exporting) goods supporting documents are customs declaration (or application for conditional release), as well as commercial, shipping, transportation or other similar documents. When performing work or providing services, acceptance certificates, invoices, accounting and other papers will serve as confirmation. If you are interested in separate accounting.

Certificate and documents must be provided on time no later than 15 working days after the month in which:

• on the documentation used as a declaration for goods, an authorized person of the customs authority has put a stamp with a mark on the date of their release;
• other supporting documents were prepared.

Clause 9.4 of the Instructions allows the organization to enter into an agreement according to which the responsibility for preparing the SPD will be assigned to the servicing bank. Then the organization submits supporting documents and an application for a certificate.

Typically, the certificate is filled out and submitted via Internet banking or client-bank electronically. The bank will check it within 3 working days after its submission (if the certificate is issued for a goods declaration, then within 10 working days). The accepted certificate is sent to the organization no later than 2 business days after the date of its acceptance (the date of acceptance is indicated in the certificate).

If changes are made to the supporting documents, the certificate is filled out again and sent to the bank within 15 business days after the changes are made.

9. Responsibility for violation of currency control terms

For violation of currency control terms and other non-compliance with the law, liability is provided under the Code of Administrative Offenses.

1. According to Art. 15.25 Code of Administrative Offenses of the Russian Federation, Part 4.5 in the following cases:

• the resident did not provide repatriation conditions in the contract
• funds arrived, but late
• the funds did not arrive in full

a fine is provided in the amount of:

• for individual entrepreneurs and legal entities in the amount of 1/150 of the key rate of the Central Bank of the Russian Federation for each day of delay and (or) from ¾ to the full amount of unreturned funds;
• for officials - from 20,000 thousand to 30,000 thousand rubles.

1. According to Art. 15.25 Code of Administrative Offenses of the Russian Federation, Part 6 in case of violation of deadlines:

• registration of the contract;
• deadlines for submitting the Certificate of Supporting Documents;
• making changes to the contract, including in the event of a change in the resident’s data (legal address, name);

a fine is provided in the amount of:

• violation for no more than 10 days: official - 500-1000 rubles, legal - 5,000-15,000 rubles;
• violation for 10-30 days: official - 2,000-3,000 rubles, legal - 20,000-30,000 rubles;
• violation for more than 30 days: official 4,000-5,000 rubles, legal 40,000-50,000 rubles.

In general, changes to the law on currency control are intended, according to the Central Bank of the Russian Federation:

— liberalize existing exchange control requirements;

— reduce the burden on residents in terms of processing currency control documents;

— reduce the grounds for bringing residents to administrative liability;

— simplification of the mechanism of interaction between residents and banks;

What do you think? Has the “new” Instruction of the Central Bank of the Russian Federation really simplified currency control for legal entities?

Currency control for legal entities: passage and documents

Dear clients - participants of foreign trade activities!

From November 20, 2018 1 the Directive of the Bank of Russia dated 07/05/2018 No. 4855-U “On introducing amendments to the Bank of Russia Instruction dated 08/16/2017 No. 181-I 2” comes into force; you can familiarize yourself with the regulatory document of the Bank of Russia at the link).

The changes establish control over the return by residents from non-residents of granted loans and interest on them to their accounts in authorized banks 3 .

The obligation of residents to repay loans and interest is established by Law No. 64-FZ from April 14, 2018 for the following loan agreements:

• prisoners after 04/14/2018;
• concluded before 04/14/2018, the conditions of which were significantly changed after 04/14/2018.

To register an agreement to provide a loan to a non-resident, the resident is required to provide the Bank with information on the expected timing of repatriation of foreign currency and (or) Russian currency.

Expected deadlines are calculated in accordance with Instruction No. 181-I (Appendix 3):

• the terms for repayment of the loan and interest are determined on the basis of the loan agreement or are calculated by the resident independently;
• the period for the transfer of funds by credit institutions is added to the calculation;
• the expected period of repatriation of funds cannot exceed the date of completion of fulfillment of obligations under the loan agreement.

Information on the expected terms submitted by the resident is reflected by the Bank in the bank control statement under the loan agreement, clause 8.2 “Description of the payment schedule for repayment of principal and interest payments.”

The statement of banking control under loan agreements is supplemented with a section

V. Information on the resident’s fulfillment of the requirements of Article 19 of the Federal Law “On Currency Regulation and Currency Control” 4 with subsections:

V.I – Information on repayment of the principal debt;

V.II – Information on payment of interest payments.

Responsibility for failure by a resident to fulfill within the established time limit the obligation to receive from a non-resident funds due under loan agreements is established by Part 4 of Article 15.25 of the Code of Administrative Violations of the Russian Federation (as amended by Law No. 64-FZ and Law No. 325-FZ 5).

When transferring a contract (loan agreement) for servicing to another authorized bank, the resident is obliged to provide the new contract accounting bank (hereinafter referred to as the management bank) additionally with the following information 6:

• date of registration of the contract (loan agreement);
• date of deregistration of the contract (loan agreement) in the previous management bank;
• registration number of the previous bank of the management company.

Currently, the resident submits to the new management bank only a contract (loan agreement), or an extract from it and information about the unique number of the contract (loan agreement).

When preparing a certificate of supporting documents for loan agreements with contract type code 5 – “provision of a loan to a non-resident”, you must indicate the following in the “Note” field:

“F” - in case of submission of documents confirming the occurrence of conditions for non-repayment of the loan (clauses 8-10 of part 2 of article 19 of Law No. 173-FZ);

“P” - in the case of submission of documents confirming the fulfillment of obligations to pay interest payments by a non-resident in a way other than settlements.

We draw the attention of individual residents!

The requirements of Article 19 of Law No. 173-FZ on the repayment of loans and interest on them to accounts in authorized banks also apply to resident individuals.

Directive No. 4855-U approved the procedure for individual lenders to submit documents and information on loan agreements to the Bank, including:

• when writing off foreign currency or the currency of the Russian Federation under a loan agreement, the amount of obligations of which is equal to or exceeds the equivalent of 3 (three) million rubles, a resident individual must also provide information to the authorized bank about the expected timing of repatriation of funds;
• when repaying a loan, making interest and other payments by a non-resident under a loan agreement, a resident individual must provide the authorized bank with information about the purpose of such payment no later than 30 (thirty) business days following the day of crediting foreign currency or Russian currency to the individual’s account ;
• other.

1 Directive of the Bank of Russia dated 07/05/2018 N 4855-U “On introducing amendments to the Bank of Russia Instruction dated August 16, 2017 N 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 accounting and reporting on currency transactions, the procedure and timing for their submission" (hereinafter referred to as Instruction No. 4855)
2 Instruction of the Bank of Russia dated August 16, 2017 No. 181-I “On the procedure for the submission by residents and non-residents of 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 the Instruction No. 181-I)
3 Compliance by the resident with the requirements of Article 19 of the Federal Law of December 10, 2003 No. 173-FZ “On Currency Regulation and Currency Control” (hereinafter referred to as Law No. 173-FZ) as amended by the Federal Law of April 3, 2018 No. 64-FZ “On Amendments to Federal Law “On Currency Regulation and Currency Control” and Article 15.25 of the Code of the Russian Federation “On Administrative Offenses” (hereinafter referred to as Law No. 64-FZ).
4 By analogy with agreements on the export and import of goods and services
5 Federal Law No. 325-FZ of November 14, 2017 “On Amendments to the Federal Law “On Currency Regulation and Currency Control” and Article 15.25 of the Code of the Russian Federation on Administrative Offenses” (hereinafter referred to as Law No. 325-FZ), which came into force on May 14 .2018
6 The specified information is sent to the resident by the previous management bank (the bank that deregisters the contract on the basis of 6.1.1 of Instruction No. 181-I).