The Tax Inspectorate Increases Oversight of Currency Control Compliance

The tax inspectorate has intensified its monitoring of currency control regulations, placing greater emphasis on fund repatriation requirements and the management of active and unclosed contracts registered with bank currency control.

Key considerations for businesses:

• Fines ranging from 75 to 100 percent of unpaid amounts from non-residents
• Potential disqualification of the CEO in cases of significant violations
• Risk of legal consequences, including criminal liability, for severe non-compliance

To minimize financial and regulatory risks, businesses should review their compliance processes and take proactive measures where necessary. Ensuring adherence to these requirements will help safeguard both the company and its leadership.