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Russians obliged to report to the Federal Tax Service on transfers through foreign e-wallets
The law obliging Russian residents to inform the tax authorities about the money transfers through foreign e-wallets in the amount exceeding 600 thousand rubles per year comes into force on July 1, 2021.
The document was initiated by a group of deputies and senators headed by Anatoly Aksakov, Chairman of State Duma Committee on Financial Market, and introduces amendments to the law “On Currency Regulation and Currency Control”.
Under the current legislation, citizens are obliged to report annually on the movement of funds in foreign accounts if the total amount of funds credited or debited during the year exceeds 600 thousand rubles. An exception is an account opened in the EAEU countries or countries with which Russia supports an automatic exchange of financial information.
The law introduced the same procedure for foreign e-wallets. Now, citizens will also have to report on transfers to the EAEU countries or those supporting the automatic exchange of such information.
In addition, the law introduced a ban on the use of foreign payment service providers for transfers without opening a bank account to pay for goods (works, services), results of intellectual activity and transactions related to the foreign trade activities or loan agreements.
Earlier, Russian President Vladimir Putin signed a law introducing administrative liability for non-compliance with the procedure for reporting to tax authorities on transfers through foreign e-wallets exceeding 600 thousand rubles a year. The law will come into force on October 1, 2021.