27.05.08

In accordance with the federal regulations established Dec. 10, 2003 N 173 "On Currency Regulation and Currency Control" residents have the obligation to submit cash flow statements to the tax authority for movement of funds outside the territory of the Russian Federation. These must be accompanied by the necessary supporting bank statements in the manner prescribed by the Government of the Russian Federation, in accordance with the Central Bank of Russia.

This concerns individual residents, as well as diplomatic groups, Russian consulates, and any similar official body of Russia outside the territory of the country.

Moreover, as agents of currency control, tax authorities have the right to inquire and receive documents and information related to the handling of currency transactions, and to the opening and closing of accounts. However, the Ministry of Finance notes that this same law (N 173) establishes norms that dictate that agents of currency control only have the right to ask for documents that are directly related to currency transactions already carried out.

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