Dear Readers,

Commencing 1 January 2024, a new set of regulations governing Export-Import Currency Control will come into force. Under these updated provisions, the responsibility for maintaining distinct records of currency cross-border contracts will shift to the state revenue authorities.

The regional offices of state revenue authorities will maintain distinct records of cross-border contracts complete with unique registration numbers.  The requirement applies in the following cases:

  1. Upon a court decision on an administrative offense for non-compliance with repatriation requirements and absence of activity under the currency contract;
  2. Absence of the exporter or importer at their place of permanent residence or location;
  3. Following a decision by the authorized bank, which served as the registration bank, to terminate business relations with the exporter or importer;
  4. Upon the legally effective court decision for the compelled liquidation of the authorized bank, which served as the registration bank.

For cross-border contracts that are subject to separate record-keeping, the state revenue authorities will annually request exporters or importers to inform on measures taken to fulfill repatriation requirements.

If the location of the exporter or importer is not determined, revenue authorities, in collaboration with other state agencies, will work to establish the location of the exporter or importer.

If business activities under a currency contract resume within three years of its designation for separate record-keeping, the contract will be removed from the separate record-keeping and transferred to currency control at the bank responsible for its initial registration.

Since, according to the current rules, separate record-keeping is conducted by the regional branches of the National Bank, these branches will transmit materials on currency control for cross-border contracts under consideration as of 31 December 2023 (including contracts subject to separate accounting) to the state revenue authorities.