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Materials from the Seminar on Currency Control and Tax Aspects of Payments to Foreign Companies

In 2017, a number of changes were introduced to Russian currency laws and regulations on confirmation of income ownership upon payments to foreign companies.

Raiffeisenbank and Accountor held a seminar during which these changes, new documentation requirements and possible risks for companies were discussed.


Planned changes to currency laws from January 01, 2018

Alexey Maslov, Head of Raiffeisenbank Currency Control Department talked about the planned changes to currency laws from January 2018. He reviewed:

  • Change of currency control document forms;
  • Change in currency control document flow with bank;
  • More complex requirements for bank reporting with possible effect on clients;
  • Increase in liability for violation of currency control;
  • Planned and discussed amendments to currency legislation.
подтверждение собственности на доход

Tax consequences of payments to foreign companies: confirmation of income ownership

Evgeniy Sumin, Deputy Director of Tax Consulting and Auditing at Accountor, talked about rules changes in confirmation of income ownership. His presentation includes:

  • Toughening of rules on confirmation of income ownership in 2017
  • Who should provide such confirmation?
  • What documents must be submitted to confirm income ownership?
  • Non-confirmation risks
  • Recommendations for reducing the risk of non-confirmation of income ownership