Currency control for legal entities: passage and documents. New instructions for use, or how the Bank of Russia will control foreign exchange transactions Instructions of the Central Bank of the Russian Federation on foreign exchange transactions

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

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:

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 occurs 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, shipping 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

The transaction passport and certificate of currency transactions were cancelled. Instead, banks will register contracts (loan agreements)

Since March 2018, a new Bank of Russia instruction 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” came into force. It cancels the obligation to issue a transaction passport, thus, the developers planned to make life easier for exporters and importers. Olga Gumel, head of the department of foreign exchange control and accounting of foreign exchange transactions of the department for servicing corporate clients of AKIBANK PJSC, spoke about what relaxations and innovations appeared in the new document.

Head of the Department of Currency Control and Accounting for Currency Transactions of the Department for Servicing Corporate Clients of AKIBANK PJSC Olga GumelPhoto: Oleg Spiridonov

NEW INSTRUCTIONS – NEW RULES

– Olga Gennadievna, on March 1, 2018, the new instruction of the Central Bank No. 181-I came into force – what did it change?

– She changed the rules for foreign exchange transactions in Russia. New requirements for confirmation of currency transactions are now being introduced. Instruction of the Central Bank of the Russian Federation No. 181-I abolished Instruction of the Central Bank of the Russian Federation No. 138-I, which existed for more than 5 years.

Instruction of the Central Bank of the Russian Federation No. 181-I introduces a number of global exceptions: firstly, the requirement to issue a transaction passport is canceled, secondly, the requirement to submit a certificate of currency transactions is canceled, thirdly, the requirement to provide an agreement concluded with a non-resident and supporting documents is canceled , if the amount of liabilities is equal to or does not exceed 200 thousand rubles.

– What innovations have appeared?

– I would highlight four key ones:

First: a new procedure for registering a contract (loan agreement) is being introduced, with a unique number being assigned to it at the time it is registered by the bank.

Second: the requirement for the minimum contract (loan agreement) amount for registration has been changed.

Third: a simplified procedure for registering a contract (loan agreement) is established for a resident-exporter.

Fourth: the time frame for the bank to review documents when accepting a contract (loan agreement) for registration by the bank has been reduced from 3 (three) working days to 1 (one) working day.

It is worth noting that banks maintain control over foreign exchange transactions. The authorized bank has the right to refuse to carry out a foreign exchange transaction if supporting documents are not provided.

EACH AGREEMENT HAS A UNIQUE NUMBER

– What are the main requirements for submitted documents in accordance with Instruction of the Central Bank of Russia No. 181-I?

–The first requirement is that when conducting a transaction in foreign currency, documents must be submitted to the authorized bank no later than 15 working days after the foreign currency is credited to the client’s transit account, and when foreign currency is written off from the account - on the day of the transaction. Before submitting a foreign economic contract, the client may write off from the transit account upon submission of the transaction type code to the authorized bank. Please note: if the amount of the agreement concluded with a non-resident is equal to or less than 200 thousand rubles, then only the code of the type of currency transaction is submitted to the bank. The second requirement is that when conducting a transaction in Russian rubles, a settlement document and supporting documents are submitted to the authorized bank. And if the amount of the agreement concluded with a non-resident is equal to or less than 200 thousand rubles, then the client submits only a settlement document for the currency transaction.

– What is the minimum amount requirement for a contract (loan agreement) to be registered?

– From March 1, 2018, the cost threshold for obligations at which residents need to register a contract has increased. Previously, the amount of obligations at which a resident needed to issue a transaction passport under a contract (loan agreement) at the bank was $50,000 or more. But from March 1, 2018, the contract must be registered with an authorized bank if the amount of obligations is equal to or exceeds: under an import contract or loan agreement - 3 million rubles; under an export contract - 6 million rubles.

– How long does it take to register a contract (loan agreement)?

– When writing off foreign currency / currency of the Russian Federation in favor of a non-resident - no later than the Order on writing off funds.

– When crediting foreign currency / Russian currency from a non-resident - no later than 15 working days after the date of crediting the funds.

– When writing off or crediting foreign currency / Russian currency from an account / to a resident’s account opened with a non-resident bank - no later than 30 business days after the month in which the operation was carried out.

– When importing/exporting goods if there is a declaration requirement - no later than the date of filing the declaration for goods.

– When importing/exporting goods in the absence of a declaration requirement, when performing work, providing services, transferring information and results of intellectual activity, when fulfilling obligations in another way - no later than the deadline for submitting a certificate of supporting documents.

Photo: BUSINESS Online

– Are there any additional requirements for a resident who has registered a contract (loan agreement), in addition to submitting documents related to the currency transaction?

- Eat. For example, you must provide information about the unique contract (loan agreement) number:

– When crediting foreign currency to a transit account, you must simultaneously provide information about the transaction type code or documents related to the transaction.

– When writing off foreign currency from a current account in foreign currency - simultaneously with the order to write off foreign currency.

– When crediting the currency of the Russian Federation to a current account in the currency of the Russian Federation - no later than fifteen working days after the date of its crediting to the resident’s current account.

– When writing off the currency of the Russian Federation from a current account in the currency of the Russian Federation - simultaneously with the settlement document for the operation.

“THE BANK WILL NOT REFUSE IF YOU COMPLY WITH THE REQUIREMENTS OF CURRENCY LEGISLATION”

– Is it necessary to somehow confirm the operations with documents?

- Undoubtedly. Such documents include documents used as a declaration for goods, an application for conditional release (an application for the release of a component of an exported product), and other supporting documents (transport, commercial, accounting).

– When should supporting documents be submitted?

– No later than 15 working days after the month in which the date of issue was stamped on the documents used as a declaration for goods by a customs official.

– No later than 15 working days after the end of the month in which other supporting documents were issued.

An important requirement of the new instructions is that you must provide information about the expected period of repatriation of foreign currency and (or) the currency of the Russian Federation, which is determined on the basis of the terms of the agreement registered with the authorized bank when a resident makes advance payments in favor of a non-resident.

If you comply with all the requirements established by currency legislation, you will insure yourself against the risk of the bank refusing to carry out a foreign exchange transaction.

License of the Central Bank of the Russian Federation No. 2587. PJSC "AKIBANK"

Central Bank of the Russian Federation (Bank of Russia)
Press service

107016, Moscow, st. Neglinnaya, 12

Information

On 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”

The Ministry of Justice of the Russian Federation 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 timing of their submission” (hereinafter referred to as instructions).

This instruction is aimed at liberalizing the current requirements of foreign exchange control in terms of reducing the burden on residents when they carry out foreign exchange transactions.

The document cancels the requirement for residents to issue a transaction passport at an authorized bank. Instead of the requirement to issue a transaction passport, a procedure for registering contracts with banks and assigning them unique numbers is being introduced. A simplified procedure for registering contracts is established for resident exporters. Banks register contracts within one business day. The new procedure eliminates the basis for a bank to refuse to register a contract.

The value of the amount of obligations at which registration under foreign trade export contracts is required has been increased to 6 million rubles 1 .

The instruction cancels the requirement for residents to submit certificates of foreign exchange transactions to authorized banks, which are forms of accounting, while maintaining the requirement for them to submit documents that are the basis for conducting foreign exchange transactions.

The document 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 thousand rubles.

The instruction reduces the burden on residents in terms of processing currency control documents, which will help reduce the grounds for bringing residents to administrative responsibility, simplifies the mechanism of interaction between residents and banks, increases the efficiency of work of resident-exporters, and redistributes the burden in terms of currency control from residents to authorized banks.

1 Currently, in accordance with Bank of Russia Instruction No. 138-I dated June 4, 2012 “On the procedure for the submission by residents and non-residents of documents and information related to foreign exchange transactions to authorized banks, the procedure for issuing transaction passports, as well as the procedure for accounting by authorized banks of foreign exchange transactions and control over their implementation”, the value of the amount of obligations at which a resident needs to issue a transaction passport under a foreign trade contract in an authorized bank is 50 thousand US dollars.