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Messenger Specifics of RRO Reporting During the Connection Period
According to the new legislation, from the beginning of 2013 business entities were required to switch to a new format for submitting RRO reports to the data collection and storage system of the Ministry of Revenues and Duties using the technology developed by the National Bank.
What nuances exist when transitioning to RRO and abandoning paper reporting
According to the new legislation, from the beginning of 2013 business entities were required to switch to a new format for submitting RRO reports to the data collection and storage system of the Ministry of Revenues and Duties using the technology developed by the National Bank.
If switching to the electronic RRO system, the report on settlement transactions in form ZVR-1 must be submitted by the 15th day of the month following the month of the switch.
At the moment of connection to the electronic System, the Ministry of Revenues recommends submitting the ZVR-1 form by the 15th of the month following the connection. Essentially, if in practice a company switches to the new system on September 21, then by October 15 it submits the ZVR-1 report in which the transaction volumes are indicated for the period up to September 21. For the period following the month of connection, reporting is submitted already in the new (electronic) format.
Furthermore, in the period following the connection month, the ZVR-1 report is not submitted in paper form, and the reporting-control information is submitted electronically using the NBU technology.
It is important to note that starting in 2014 penalty sanctions will be applied to registrars of settlement transactions that do not switch to electronic reporting.