DECLARATION OF INTERNATIONAL PAYMENTS
To ensure realistic monetary policy of the European Central Bank, all EU Member States and applicant countries compile and submit monthly balances of payments. In most of the European countries the required operational information is derived from declaration of international payments.
According to the procedure for the declaration of international payments and submission of data for balance of payments statistics established in Estonia, the resident originator or the resident beneficiary is obliged to declare all international payments the amount whereof is 200 000 kroons or in excess thereof or an equivalent amount in foreign currency.
Declaration is defined as assigning of a transaction code and determination of the residency of the counterpart of the transaction in case of payments of 200 000 kroons or above.
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When in doubt about the transaction code, the code 900 (Other receipt: specify) is assigned and an explanation is added in the explanations box. |
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If the transaction involves several codes, the transaction code is assigned in proportion to the largest transaction or code 900 is assigned (Other receipt: specify) and an explanation is added in the explanations box. |
Outgoing payments are declared on international transaction payment order form or in an electronic payment channel when originating the payment.
Incoming payments are declared on the paper carrier, via an electronic payment channel or using other modes within the term specified below as of the date of receipt:
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Payments received between 1st and15th of the month by the last day of the current month this year; |
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Payments received between 16th and 31st of the month by the 15th of the following month this year. |
The credit institution servicing the customer provides information on payment declaration possibilities in different payment channels.
Pursuant to the existing legal order Eesti Pank ensures full organisational, IT and physical protection of single data related to international payments. The data is used only for statistics and is released aggregated without identifiable characteristics.
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