The Russian President Vladimir Putin has approved amendments to the Tax code of the Russian Federation on penalties for the violation of personal income tax transfer terms, which were adopted by Duma State on April 24th and approved by the Federation Council on April 29th, 2015.
The federal law obligations to the tax agent, the sums of personal income tax accumulated and withheld by the tax agent, represents the tax authorities of the Russian Federation. A violation of the transfer regulations relating to personal income may result in certain tax penalties being imposed.
The approved amendments order by the Russian tax regulator, to block bank accounts of such tax agents, including any transactions on receipt and transfer of monies. In the event that an agents delay in the performance of calculations of accrued and withheld sums of a personal income tax over a ten day period.
The law also provides penalties of 1,000 rubles for every month of delay. Submission of false information by tax agents on the personal income tax attracts a penalty of 500 rubles for each forged document (earlier such penalty amounted to 200 rubles).