The State Duma Financial Market Committee has approved a bill on the introduction of administrative liability for failure to submit reports to tax authorities for transfers through foreign electronic wallets of funds in the amount of more than 600 thousand rubles a year, reports TASS.
According to the current legislation, Russians need to annually report on the movement of funds in foreign accounts if the total amount of funds credited or written off for the year exceeds 600 thousand rubles. An exception is if the account is opened in the EAEU countries or countries with which Russia has an automatic exchange of financial information. The new bill introduces the same procedure for foreign e-wallets. At the same time, citizens will be accountable even when transfers are sent to the EAEU countries or with which there is an automatic exchange of such information.
Failure to meet the deadline for submission of reports on money transfers will result in a warning or an administrative fine, depending on the number of overdue days.
For the use of a foreign electronic wallet with non-submitted reports, a fine is provided in the amount of 20% to 40% of the funds credited to the wallet for the reporting period.
Since August 3, 2020, Russia has introduced a ban on cash replenishment of electronic wallets that have not been identified, the restriction was introduced in connection with the entry into force of amendments to the law “On the National Payment System”.