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This article is in a list format that may be better presented using prose. Four exchange control stamps in a South African passport from the mid-1980s allowing the passport holder to take a particular amount of currency out of the country. Exchange controls such as these were imposed by the apartheid-era South African government to restrict the outflow of capital from the country. Countries with foreign exchange controls are also known as “Article 14 countries”, after the provision in the International Monetary Fund agreement allowing exchange controls for transitional economies. Often, foreign exchange controls can result in the creation of black markets to exchange the weaker currency for stronger currencies. This leads to a situation where the exchange rate for the foreign currency is much higher than the rate set by the government, and therefore creates a shadow currency exchange market.
As such, it is unclear whether governments have the ability to enact effective exchange controls. This section possibly contains original research. Note that this list is very incomplete. This is a dynamic list and may never be able to satisfy particular standards for completeness. The Use of Foreign Exchange Controls to Promote Economical Stability”. The Central Bank of The Bahamas”.
Foreign Investment Laws and Regulations in Nepal”. Annual Report on Exchange Arrangements and Exchange Restrictions 1979 – International Monetary Fund – Google Books. This economics-related article is a stub. You can help Wikipedia by expanding it. Greek citizen setting up in Cyprus – The checklist! All Russian citizens with bank accounts outside Russia must submit, by 1 June 2016, a special report to the Federal Tax Service providing information about fund movements and closing bank account balances, as at the reported date. Such kind of obligations for Russians is growing, following the newly approved amendments to Federal Law about currency regulation and currency control, which was enforced at the end of 2015.
The reporting form is made of two pages. The first one records the information of the declarant and the second one records the information relating to the bank account balances and movements. For individuals who own more than one account abroad, the second page needs to be filled in for each account they have. Upon receipt and review of the form, the Federal Tax Service might request further explanations, information or evidence, confirming for example particular fund movements. In such case, the taxpayer is obliged to submit the requested information within a week. Some experts have voiced their concerns about such a tight deadline. Often, information for transactions are received from the banks via emails.
Failing to meet the reporting requirements can result in rather serious consequences. Profits include interest income, rental payments, proceeds from sales of securities, etc. Starting from 2016, profit tax must be paid on the interest accrued on account balances. However, the taxpayer should submit their tax declaration to the Federal Tax Service of Russia confirming the amount of tax paid to the foreign country. The recent declaration campaign concluded on 30 April 2016 with declarants submitting 3-NDFL form to the Federal Tax Service. In order to avoid trouble or tax claims for previous years, taxpayers shall submit a special declaration before 1 July 2016, indicating the balance of the bank account held abroad. The declaration can be amended, if necessary, to provide the date of account opening.
Most Russian citizens are not just Russian tax residents, but also currency residents. The definition of currency resident first appeared in 2012, right after the Federal Law about currency controls and currency regulation was approved by the Russian government. According to the currency legislation, a Russian currency resident is a person who has Russian passport and citizenship. If an exempt Russian visits Russia, for even one day, they automatically become currency residents in the year of visit. Having said that, it is of course rather complicated to police this, especially for people that don’t own any property in Russia.
