The President of Russia signed a bill on the creation of a national system of traceability of goods.

The government-drafted law should help combat smuggling and tax evasion in the Eurasian Economic Union (EAEU).

The government will approve the list of goods and entities participating in the work of the goods traceability system.

The tax authorities within one day will assign a registration number to goods imported from the territory of the EAEU. Traceability ceases when goods are excluded from the corresponding list, sold to citizens for personal purposes, and exported from the territory of Russia.

For late submission of a report on transactions with traceable goods to the tax authorities, a fine of 1000 rubles (13USD) will be threatened for each document not submitted.

It is expected that the law will create conditions for excluding schemes of evasion of customs and tax payments, as well as to confirm the legality of the turnover of goods when they are moved within the EAEU.

The law comes into force on January 1, 2021.