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Vladimir Putin promised to ease the rules of foreign currency control. We are talking about raising the threshold of foreign trade in $50 thousand to $100 thousand How will it affect entrepreneurs?
The consent of the President to double the threshold for currency transactions became known yesterday at a meeting with businessmen in the Orenburg region. The proposal was made by one of the participants, it was supported by the Minister of economic development Alexei Ulyukayev. “We will take a decision, but first you need colleagues to work”, — said Putin.
Offer Orenburg businessman was to raise the threshold of foreign exchange transactions that are not tracked by the state, from the current $50 thousand to $100 thousand
“Formally this initiative, the Ministry has not yet received,” — said RBC assistant Minister of economic development Elena laskina. Earlier the speaker spoke about the need to apply serious effort with financial and non-financial support for exports. “We need to work with exporters in the country, to support them financially. There is still work to do”, — he noted.
According to the law on currency control of the Central Bank is entitled to demand certification of transactions between companies, entrepreneurs and individuals in private practice. Under the terms of the Bank of Russia’s instructions, the resident must provide the necessary documents and information (the transaction certificate) for all foreign trade contracts where the settlement amount is equal to or exceeds $50 thousand. These requirements relate to economic agents (exporters, importers), organizations providing services to foreign counterparties or receive them from such services.
In June, the Central Bank has posted for public discussion a draft law, according to which the threshold required for registration of passports of transactions, on the contrary, decreases from $50 thousand to $25 thousand in addition, the rule of certification by the idea of the Central Bank should extend more and individuals offering foreign currency loans to non-residents.
What is the passport of the transaction
The transaction passport is issued by the Russian side foreign trade transactions in the Bank through which the planned payments to non-residents. “The passport identifies virtually all of the major terms of the contract”, — says the managing partner of Bureau “Business fairway” Roman Terekhin. In addition to passports, the resident must provide a certificate of currency operations, as well as a certificate on supporting documents. The latter refers to invoices, invoices for the goods, customs Declaration, etc. In the absence of the passport of the transaction is subject to administrative liability under part 6 of article 15.25 KoAP of the Russian Federation: individuals will be charged a fine of 2-3 thousand rubles., on officials — 4-5 thousand rubles, legal entities — 40-50 thousand.
“But even if you do not want the transaction passport, resident still provides the Bank with a certificate of currency transactions and a statement of the supporting documents. So the exchange control is still, although the workflow easier,” adds Terekhin.
He believes that raising the threshold for foreign exchange transactions up to $100 million is unlikely to seriously facilitate the activities of exporters-importers. Basically, this measure will reduce the time of calculations. Independent financial Advisor novel Tomkiw has a different opinion: raising the threshold for foreign currency transactions will positively affect overall efficiency of Russian small business, which will intensify foreign trade operations.
In most developed countries restrictions on foreign exchange transactions do not exist, can not be said about countries such as, for example, Venezuela, where due to economic crisis, says Tomkiw. “Russia’s monetary threshold looks increasingly like a relic of the past,” he adds.
Teryokhin said that exchange control and its weakening is not the only problem the participants of foreign economic activity. “There are still certification of compliance of goods with requirements of the EurAsEC, obtaining export licenses, various permits sanitary supervision, obtaining of certificates of registration of medical preparations or equipment,” — he enumerates.
According to the head of group legal, KPMG in Russia and the CIS Irina Narysheva, business cares only about the policy of the state to combat capital flight from Russia and possible sanctions for violation of the rules of remittances. “Therefore, the increase in the limit on operations with no passports of transactions they will not solve the problem,” she said. Moreover, on the background of the national policy to combat the withdrawal of capital abroad, a high probability of further tightening of foreign exchange control, does not exclude Narysheva.