The newly amended Code of Administrative Offenses will provide lower fines for legal entities and individual entrepreneurs in case they fail to fulfill their obligation to repatriate money.
In particular, should the amount of obligations under a foreign trade contract with a non-resident be determined in rubles and payment being made in rubles, too, then the penalty for exporters will vary from 3 to 10% of the delayed amount. If payment is provided in foreign currency, the fine will be from 5 to 30% of this amount. At the same time, it will be still possible to impose a penalty in the amount of 1/150 of the Bank of Russia key rate of the untimely credited amount for each day of delay.
Professional participants in foreign economic activity will be granted even more significant concessions. In particular, for untimely repatriation of money, the exporter will face a warning or a fine of 3 to 5% of this amount. There are similar changes for importers.
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NAZALI TAX & LEGAL |