Foreign economic activity. The principle of regulating payments to the state budget by exporters (the most important)

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Foreign economic activity. The principle of regulating payments to the state budget by exporters (the most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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46. The principle of regulating settlements with the state budget by exporters

Settlements of exporters with the state budget are intended to replenish the foreign exchange reserve of the Central Bank of the Russian Federation (CB). The funds of the reserve are used to maintain the exchange rate of the ruble, to service the external debt, unconditional foreign exchange payments and other government needs. For these purposes, at present, part of the foreign exchange earnings of exporting enterprises is subject to forced sale to the Central Bank by authorized banks that produce it on the domestic foreign exchange market - at special trading sessions of the MVB - at the ruble exchange rate on the day the foreign exchange funds are received on the transit foreign exchange account

Mandatory sale of part of the foreign exchange earnings of residents (individuals - individual entrepreneurs and legal entities) is carried out in the amount of 30 percent of the amount of foreign exchange earnings. The Central Bank of the Russian Federation has the right to establish a different amount of the mandatory sale of part of the foreign exchange earnings of these residents, but not more than 30 percent of its amount.

The mandatory sale of a part of foreign exchange earnings is carried out no later than seven working days from the date of its receipt to the resident's bank account in an authorized bank.

The object of the mandatory sale is the foreign exchange earnings of residents, which includes foreign currency receipts due to residents from non-residents under transactions concluded by residents or on their behalf, involving the transfer of goods, the performance of work, the provision of services, the transfer of information and the results of intellectual activity, including exclusive rights on them, in favor of non-residents, except for:

▪ amounts in foreign currency received by the Government of the Russian Federation, federal executive bodies authorized by it, the Central Bank of the Russian Federation from operations and transactions carried out by them (or on their behalf and (or) at their expense) within their competence;

▪ amounts in foreign currency received by authorized banks from their banking operations and other transactions, in accordance with Federal Law No. 2-1990 of December 395, 1 “On Banks and Banking Activities”;

▪ foreign exchange earnings of residents within the amount necessary to fulfill the obligations of residents under credit agreements and loan agreements with non-resident organizations that are agents of foreign governments, as well as under credit agreements and loan agreements concluded with residents of OECD or FATF member states for a period over two years;

▪ amounts in foreign currency received under transactions involving the transfer of external issue-grade securities (rights to external issue-grade securities).

The list of foreign currency subject to mandatory sale in the domestic foreign exchange market of the Russian Federation is determined by the Central Bank of the Russian Federation.

To reduce the amount of residents' foreign exchange earnings subject to mandatory sale, the following expenses and other payments related to the execution of the relevant transactions are taken into account:

▪ payment for transportation, insurance and freight forwarding;

▪ payment of export customs duties, as well as customs duties;

▪ payment of commissions to credit institutions, as well as payment for the performance of the functions of currency control agents;

▪ other expenses and payments for operations, the list of which is determined by the Central Bank of the Russian Federation.

Enterprises wholly owned by foreign investors and joint ventures, in the authorized capital of which more than 30% belongs to a foreign partner, are exempt from forced exchange of hard currency through authorized banks and have the right to independently sell 50% of export earnings on the Moscow Currency Exchange (MVB).

Participants in foreign trade activity, acting as intermediaries in securing export operations, also make obligatory foreign exchange payments from the amount of the commission.

Author: Bobkova O.V.

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