Increasing complexity of the currency legislation

Abstract

The article provides comments on the amendments to Paragraph 7 of Article 12 of the Federal Law «On Foreign Currency Regulation and Control». Under new requirement, which came into force on January 1, 2015, resident individuals shall quarterly provide the responsible authorities with statements of the movement of funds in their accounts (deposits) opened with banks outside the Russian Federation. The procedure for submission of account statements is defi ned by the Government of the Russian Federation and approved by the Bank of Russia. The article also provides a detailed overview of the consequences that resident individuals face in case they fail to submit the above statement to the tax authorities in due time.