Dear entrepreneurs, if you work with foreign suppliers or buyers, it is important to remember the currency control requirements. These requirements apply to export and import contracts exceeding USD 50,000.
First of all, it is necessary to comply with the deadlines for fulfilling obligations under foreign trade contracts. If you export goods, it is important to ensure that payment is received from the foreign buyer. If you have transferred funds to a foreign supplier but have not received the goods, you must ensure the return of the funds in cases provided for by law.
Please note that even if the goods have been received or payment has been made, discrepancies may arise during bank control. For example, this may occur due to an incorrectly specified contract number or the late submission of an additional agreement.
Therefore, we recommend that you reconcile your records with your servicing bank before the end of the year, check the deadlines for fulfilling contractual obligations, and verify that the documents have been properly recorded.
Another important point: if you receive a request from the state revenue authorities regarding currency control, you must submit the supporting documents in a timely manner.
Remember: timely reconciliation of documents will help avoid unnecessary questions and potential violations.