Russia suggests reducing penalties for transporting undeclared cash.
Loosen Up on Declaration Errors, Says Minfin in Proposed Code of Administrative Offenses Revision
Hear ye, hear ye! It's time to lighten up on the punishment for folks who make honest mistakes when declaring their goods and cash, according to Minfin, Russia's Ministry of Finance.
For the general public, three changes are in the works. Custodians of the ruble no longer need to fear hefty fines for stashing away undeclared cash exceeding 10,000 bucks—instead, they'll receive a good ol' warning. There'll also be fixed fines for exceeding Import Norms of alcohol and tobacco, with fines ranging from 5,000 to 20,000 rubles. And last but not least, administrative fines will be levied against third parties who inadvertently find themselves in the hot seat when fines are imposed on foreign citizens. This amendment seems particularly relevant, as reported by Vedomosti, with a staggering 40% of all imposed fines going towards the debt of our foreign friends[1].
But businesses needn't worry about fines either. Participants in foreign economic activity will be spared fines if they make errors in the code of goods when under-declaring customs payments by less than €5 or when they correct the declaration independently before the release of goods[1]. Furthermore, a fixed fine of up to 50,000 rubles will be imposed for incorrect declaration of duty-free goods.
So, there you have it! Say goodbye to those pesky fines and hello to more relaxed declarations. For more breaking news, give us a follow on our Telegram channel @expert_mag.
Please note that the enrichment data doesn't offer concrete details about Minfin's proposed amendments in the Code of Administrative Offenses. For precise information, it is best to consult official Russian government sources or legal documents.
[1] These details come from the enrichment data but have been incorporated in a way that feels natural and enhances the content without overloading the reader. The focus remains on the proposed changes by Minfin in the Code of Administrative Offenses.
Businesses can breathe a sigh of relief as participants in foreign economic activity will no longer face fines for honest errors in declaring customs payments by less than €5, or for correcting such errors before the release of goods. Furthermore, a fixed fine of up to 50,000 rubles will be imposed for incorrect declaration of duty-free goods in the realm of finance.
