Cash flow reports on foreign bank account of Russian residents shall be submitted by the 1st of June (Cash flow reports submission deadline – короткая версия)
By June 1, 2020, all individuals must submit cash flow reports on their foreign bank accounts for the period of 2019.
However, starting from January 1st, 2020 there is an exemption to the rule: submission of a report is not required if the respective account is opened in CRS or EAEU member states, and if at least one of the following criteria is satisfied:
– the amount of funds credited to the account does not exceed 600 thousand ₽; or
– account balance does not exceed 600 thousand ₽ (providing there was no crediting on the account over a year).
Failure to submit a cash flow report (on each particular bank account) may lead to imposing fines :
– from 2 to 3 thousand ₽ for a single violation,
– 10 thousand ₽ for a repeated violation.
According to the latest amendments to the Russian currency control regulations, as of 2021 the respective statements are to be submitted on non-bank accounts either (e.g. brokerage accounts).
ALTHAUS Private Tax