Draft law requiring citizens to report on the movement of funds in their foreign electronic wallets

The State Duma adopted a bill that obliges citizens to report on the movement of funds in their foreign electronic wallets to the Federal Tax Service.

Under the current legislation, citizens must report annually on the movement of funds on foreign accounts if the total turnover of funds for the year exceeds 600 thousand rubles. An exception is an account opened in the EAEU countries or countries with which Russia has an automatic financial information exchange.

The bill introduces the same procedure for foreign e-wallets. However, citizens must also report when transferring money to the EAEU countries or with which there is an automatic exchange of such information.