The amount of fines for late fulfillment of obligations to return the proceeds received for export will be reduced. The Ministry of Finance has published proposals approved by the Federal Tax Service to soften the liberalization of foreign exchange controls.
It was proposed to lower the size of the fine for non-transfer or non-return of funds from one hundred percent of the amount of non-return to a third, maximum half of the amount. The new regulation will come into force in 2019.
Forgive everyone (optional)
For non-return of proceeds, the maximum fine will be halved for delays within 30 days:
- Will abolish fines to exporters for violated payment deadlines.
- Importers will be forgiven for late return of advance payment for undelivered goods, provided the delay is less than 30 days.
Currently, exporters are required to transfer the proceeds to domestic banks. This provision applies to both ruble and foreign currency transfers. Roskompaniya must inform the authorized banks about the terms indicated in the contact.
If the transfer is late, then for even a one-day delay, a fine is imposed in the amount of 1/150 of the Central Bank rate for each day of delay. If there are no funds or the proceeds are not transferred in full, the amount of the penalty increases to 75 or 100 percent of the total amount.
The sizes are retained even if the return is delayed, subject to the expectation of the transfer within two years, that is, the limitation period. Similar penalties are envisaged for the late return of advances paid by domestic importers for non-received foreign goods.
The severity of the measures is explained by the need to prevent transfers of funds to fictitious accounts abroad and due to the outflow of funds from the country.
More, more
Due to such draconian measures, conscientious participants in foreign economic activity often suffer. The Ministry of Finance took into account that the exporting company may suffer even through no fault of its own.
As a result, he carries additional financial burden, and the execution of a huge number of additional documents. The papers are provided to authorized banks.
Excess pressure on domestic exporters will decrease in the event of technical delays in the occurrence of claims on the terms of supply from foreign counterparties. The amendments do not affect fines for illegal foreign exchange transactions.
There is mitigation, but punitive measures still remain. According to lawyers, more mitigation was needed. According to judicial practice, it is taken into account whether the legal entity has taken all measures depending on it in order to receive funds on time.
For this reason, monthly "indulgence" will not help everyone. Delay times may vary. The main thing is whether everything was done to receive payment. However, contracts of significant buyers for significant amounts are not subject to litigation.
Given the daily promise of payment, it is difficult to obtain documentary confirmation of these words. As a result, fines turn into a source of replenishment of the budget, since all aspects are ignored.
