Foreign accounts owners are required to report before June 1 - Federal Tax Service Office in Bashkortostan

UFA, 11 May 2016. /Bashinform News Agency, Sergey Zakharov/. On June 1 receiving reports on movement of funds on the accounts/deposits in banks located outside Russia is completed. In accordance with the legislation, individuals-residents must submit the necessary documents to the tax office for the period from January 1/account opening date to December 31.

It is possible to submit reporting through the «Taxpayer-Individual Personal Account», and the report must be signed by enhanced electronic signature; in hard copy, in duplicate, or by registered letter with acknowledgment of receipt.

The obligation to submit the reporting is deemed to be fulfilled in case the funds flow statement is submitted in full and on time. Otherwise the administrative fine of two thousand to three thousand rubles is provided; from three hundred to three thousand rubles for late submission of reporting. If an administrative offense is repeated – the fine is increased to twenty thousand rubles, the tax service informs.

According to the Federal Tax Service of Russia in Bashkortostan, currently 968 individuals having accounts/deposits in banks outside the Russian Federation are registered in the republic, of which 84 percent reside in Ufa.