MOSCOW, September 23 (RAPSI) - The Russian Finance Ministry intends to significantly increase fines for serious violations of accounting report requirements and to introduce responsibility for repeated violations, according to a draft federal law published on the website of legislative initiatives Tuesday.

Currently, the Code of Administrative Offences imposes an administrative fine of 2,000 to 3,000 ($51 to $77) rubles for accountants and officials who significantly violated accounting report requirements.

The ministry has proposed increasing the fines to 5,000 to 10,000 rubles ($130 to $260). Additionally, the ministry is suggesting legal liability for repeated violations. The second violation within a year could result in a fine of 10,000 to 20,000 ($260 to $520) rubles.

The draft law also clarified the definition of “serious violation of accounting report requirements.” Currently it includes misstating the amounts of taxes and levies by more than 10% due to distorted reporting data as well as distortion of any other figures in the report by at least 10%.

According to the bill, the second criteria will be changed. Serious violations of accounting reports will include distortion of any monetary indicators by at least 10%.