By June 2, all residents of the Russian Federation are required to report on foreign accounts and electronic wallets for 2024. The Federal Tax Service has updated the rules and the list of countries — who risks fines and how to avoid mistakes?
Key Developments:
The Federal Tax Service (FTS) has published clarifications on reporting fund movements in foreign accounts of resident individuals. Key changes include:
Impact on Businesses and Individuals
Immediate Action Required:
3. Prepare the documents in case of a request from the Federal Tax Service (confirmation of residence abroad, bank statements).
4. Submit the report by June 2 through the personal account of the Federal Tax Service.
Don't make mistakes — trust the experts!
Acsour provides legal support for currency control and reporting:
Get professional advice:
Key Developments:
The Federal Tax Service (FTS) has published clarifications on reporting fund movements in foreign accounts of resident individuals. Key changes include:
- The deadline for completion is June 2, 2025.
- The new list of countries is to use only the list from the Federal Tax Service Order № ED—7-17/916@ dated 10/30/2024 (entered into force on 12/31/2024).
- Exceptions:
- Persons who lived abroad for >183 days in 2024 do not report.
- Reports on accounts in the EAEU countries or participating in auto exchanges are not required if:
- Annual turnover ≤ 600,000 RUB (or currency equivalent), OR
- Year-end balance ≤ 600,000 RUB.
Impact on Businesses and Individuals
- For companies: The risks relate to organizations whose employees/beneficiaries are residents of the Russian Federation with foreign accounts. Incorrect reporting threatens:
- Fines for employees (up to 100% of the transaction amount).
- Reputational and legal risks for business (FTS checks, account blocking).
- For individuals: Direct responsibility for report submission. Failure to meet deadlines or exemption criteria will result in fines of up to 5,000 RUB per missing document.
Immediate Action Required:
- Verify your tax residency status (physical presence in Russia ≥183 days in 2024).
- Clarify the list of accounts:
- Check the countries with Federal Tax Service Order № ED-7-17/916@.
- Calculate the turnover and balances — if >600 000 rubles, a report is required.
3. Prepare the documents in case of a request from the Federal Tax Service (confirmation of residence abroad, bank statements).
4. Submit the report by June 2 through the personal account of the Federal Tax Service.
Don't make mistakes — trust the experts!
Acsour provides legal support for currency control and reporting:
- We analyze your accounts for compliance with the criteria of the Federal Tax Service.
- We prepare reports and documents for the tax service.
- We protect the interests of the Federal Tax Service during inquiries and inspections.
Get professional advice:
