On amendments to article 15.25 of the Russian Code of Administrative Offences
Federal Law No. 312-FZ reduces the administrative penalty payable when currency proceeds are transferred out of time to an account in an authorised bank to 1/150 of the applicable refinancing rate of the Bank of Russia for each day of delay in transferring funds to the accounts in authorised banks (see Pepeliaev Group’s alert dated 16 November 2011).
The changes made to the Russian Code of Administrative Offences by Federal Law No. 311-FZ relate to administrative penalties for the delay in submitting:
- accounting forms and reports on currency transactions
- supporting documents and information relating to currency transactions.
The administrative penalty for breaching the established procedure of submitting accounting forms and reports on currency transactions, as well as penalty for breaching the established procedure of filing supporting documents and information regarding the currency transactions remains unchanged.
The accounting forms on currency transactions for residents (with the exception of credit companies and stock exchanges) are (Instruction No. 1950-U of the Bank of Russia dated 10 December 2007):
- certificate on currency transactions;
- certificate on the transfer of Russian currency;
- certificate on supporting documents.
The earlier version of the law did not provide for any difference in the amount of the penalty.
Article 15.25 of the Russian Code of Administrative Offences have been amended to include new parts 6.1 – 6.3, whereby the administrative penalty differs depending on the delay in submitting accounting forms and reports on currency transactions, as well as supporting documents and information with regard to currency transactions:
|
Delay |
Administrative penalty for companies |
Administrative penalty for officers |
|
Up to and including 10 days |
Fr om RUB 5,000 to RUB 15,000 |
From RUB 500 to RUB 1,000 |
|
From 11 to 30 days |
From RUB 20,000 to RUB 30,000 |
From RUB 2,000 to RUB 3,000 |
|
More than 30 days |
From RUB 40,000 to RUB 50,000 |
From RUB 4,000 to RUB 5,000 |
For further information, please contact:
in Moscow – Elena Ovcharova, Head of the Administrative Defence of Business Group, at (495) 967-00-07 or by e-mail; Julia Osipova, Associate, at (495) 967-00-07 or by y.osipova@pgplaw.ru
in St Petersburg - Sergey Spasennov, Partner, Head of St. Petersburg office, at (812) 640-60-10 or by e-mail