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Author Topic: Currency controls in Russia?  (Read 557 times)

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Online msmob

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Currency controls in Russia?
« on: August 04, 2020, 02:21:21 AM »
SC claims she heard VVP is planning to make a law that money over a certain value being moved abroad will / is subject to 15% 'tax if being moved abroad..

Cyprus and Russia seem to be ending their tax agreements, so bang goes CY has a source of moving RU based money offshore?


Russia is not alone in needing drastic measures to balance the books.

Anyone have any hard news on this?
We'll be back, EU ..and as a certain 'gentleman' couldn't accept my offer to 'bury the hatchet' .. Don't trust a clueless Californian 'business owner' who cannot even quote me, honestly ..

Offline Manny

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Re: Currency controls in Russia?
« Reply #1 on: August 04, 2020, 02:52:23 PM »
There are no currency controls in Russia.

The facts are explained on the duplicate topic you made at RUA.

Offline BC

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Re: Currency controls in Russia?
« Reply #2 on: August 04, 2020, 03:05:16 PM »
Mixup between the present and future tenses?

Offline Boethius

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Re: Currency controls in Russia?
« Reply #3 on: August 04, 2020, 04:01:20 PM »
As of January 1, 2020, all individuals who are:

a) Russian citizens;  or
b) foreigners with a residence permit

and who are resident in Russia for tax purposes are required to report all accounts with "foreign financial institutions" opened outside the Russian Federation.  This is in addition to the previous law, which required them to report accounts with foreign banks.

"Foreign financial institutions" includes, broadly, anyone holding funds in any capacity for a Russian citizen/foreign resident.  This is set out in Federal Law No 173-FZ On Currency Regulation and Currency Control. 

The federal law also liberalized restrictions on currency transactions, so that export revenues no longer need  be converted to rubles. 

I found a description of the proposal SC has referred to here -

http://www.rferl.org/a/putin-s-pretext-covid-19-crisis-tapped-to-tax-rich-russians-offshore-wealth/30513483.html

It's not a currency control, but will enable the taxation of offshore revenue sources at 15% domestically.  This will require some amendments to most tax treaties, which are based on an OECD model, but it's nothing draconian.

Google was used to look up Federal Law Number 173-FZ and the NPR link.
« Last Edit: August 04, 2020, 04:26:15 PM by AnonMod »
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Online msmob

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Re: Currency controls in Russia?
« Reply #4 on: August 04, 2020, 05:37:52 PM »
Grateful for the responses and Manny even taking the time to address same, here.


I am only wondering why SC would bring up news from nearly 5 months ago as 'news'......?

We will have capital from a property sale that might be exported and she seemed to think it might be 'taxed' at 15 percent.

As the much promised Rouble recovery hasn't happened....six years and counting since 40 R to the GBP...it's c.96....I was wondering if the monies were better invested elsewhere.

 
We'll be back, EU ..and as a certain 'gentleman' couldn't accept my offer to 'bury the hatchet' .. Don't trust a clueless Californian 'business owner' who cannot even quote me, honestly ..

Offline krimster2

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Re: Currency controls in Russia?
« Reply #5 on: August 04, 2020, 09:58:23 PM »
I actually like Russiaís tax code, especially when compared to the USAís
some businesses in Russia, like IT, get HUGE tax breaks...
and itís SUPER easy to do taxes in Russia compared to the USA!!!
and taxes are really light in Russia...

kremlin owned media has been pushing the narrative all year
of the selfish oligarch who takes his money abroad which ends up profiting the West
and hurting Russia...

I think in 2021, Putin will make examples of a few, to keep the rest in line
but Putin is slowly tightening the noose on all levels of Russian society

the next land grab from Ukraine will happen either in 2021 or 2022...
Russia has discounted ANY NATO or USA military response...
3 out of 4 gas pipelines bypassing Ukraine are functional RIGHT NOW
fourth and final will be North Stream II in 6 to 12 months
then Ukraine can be completely bypassed of gas transport to the EU
and the 6 day war to free Odessa from fascista wonít impact gas money



Offline rwd123

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Re: Currency controls in Russia?
« Reply #6 on: August 05, 2020, 07:33:59 PM »
We will have capital from a property sale that might be exported and she seemed to think it might be 'taxed' at 15 percent.

As the much promised Rouble recovery hasn't happened....six years and counting since 40 R to the GBP...it's c.96....I was wondering if the monies were better invested elsewhere.
My understanding is that VAT (20%) is payable on property sales in Russia, but the rate is 30% for foreigners. I haven't checked in a while so details may be out-of-date.

The RUB did strengthen from five years ago, but has been in decline over the past few months. Well off historic lows against the USD so may continue to tumble.

Online msmob

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Re: Currency controls in Russia?
« Reply #7 on: August 06, 2020, 12:06:24 AM »
Thx for the info, rwd 123 !

BTW ( against the GBP..the currency we do most transactions in, with the EUR) the Rouble's 'strongest point' in six year was just over three years ago ...( it got to 70 ish ) ..Five years ago it fell to nearly 123  GBP while we were in Thailand ....hH for the heady days of Pre-Brexit and a secure, steady GBP

We'll be back, EU ..and as a certain 'gentleman' couldn't accept my offer to 'bury the hatchet' .. Don't trust a clueless Californian 'business owner' who cannot even quote me, honestly ..

Offline krimster2

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Re: Currency controls in Russia?
« Reply #8 on: August 12, 2020, 05:26:49 PM »
mobers, did you get "sick" or something....
don't mess around man, and try and fake your death or something
so you don't post here
c'mon man...
mobers....

OMG mobers...

 

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