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Tax and legal alerts
Our newsletters focus on key changes on regulations in Russia.
Significant changes in the Russian Tax Code
On November 23, Federal law № 374-FZ of 23.11.2020 "On amendments to the parts one and two of the Tax Code of the Russian Federation and certain legislative acts of the Russian Federation" (hereafter - the "Law") was adopted. The Law provides for a large number of amendments.
HQS (highly qualified specialists) entry into the Russian Federation under the COVID-19 pandemic restrictions
We kindly remind you that the restrictions on entry into the Russian Federation for foreign citizens are still in force. These restrictions are provided by the order of the government of the Russian Federation dated March 16, 2020 No. 635-r (as amended by the Government order dated 14.10.2020 No. 2649-r).
An update to the requirements for employers in Moscow during the pandemic
The pandemic brings new requirements for employers in Moscow
On 1st October, the Mayor of Moscow issued a Decree providing a number of updates in the regulation of labor relations (No. 96-UM, hereinafter, the “Decree”).
Cancellation of VAT exemptions for provision of the foreign software and new benefits for Russian IT companies
On July 31, the President of Russia signed the Draft Law on Tax Maneuver for the IT Industry. The main purpose of the document is to support Russian IT companies by means of: i) the abolition of VAT exemption for provision of the foreign software, ii) as well as permanent reduction of social contributions (7.6%) and income tax (3%).
December, 2016: Obligation of legal entities to receive, keep and disclose information on their beneficial owners
Article 6.1. of the Federal Law of 07.08.2001 No. 115-ФЗ “On Struggling against Money Laundering and Terrorism Financing” (hereinafter—the Federal Law), sets out that since December 21, 2016, the obligations on legal entities to disclose the information on their beneficial owners, that is on the individuals who eventually, directly or indirectly, own (have more than 25% of interest in the capital) the legal entity, or have the ability to control the latter’s activities. All legal entities will be required to have the information on their beneficial owners and store it for at least five years from the date of receipt. The information on the beneficial owners should be updated at least once a year.
October, 2016: Obligatory publication of Statutory Audit Results in the Unified Federal Register
Due to amendments introduced to Federal Law No. 307-FZ "On Audit" dated December 30, 2008, starting from October 1, 2016 an entity subject to statutory audit should input the data about the results of the statutory audit to the Unified Federal Register of Legal Entities and Individual Entrepreneurs’ Acts (hereinafter referred to as the Register) (www.fedresurs.ru) by itself.
Legislation on currency regulation and control: recent changes, legislative initiatives
This spring, several amendments to the legislation relating to foreign exchange regulation and foreign exchange control came into force. The changes are aimed at liberalizing currency regulation in terms of easing administrative and criminal liability for violations of currency legislation.
In addition, as a part of the plan to liberalize currency regulation and currency control, some new changes are still expected to enter into force, and a number of important initiatives are currently before the State Duma of the Russian Federation.
You can learn more about the main changes and draft laws from our review.
In addition, as a part of the plan to liberalize currency regulation and currency control, some new changes are still expected to enter into force, and a number of important initiatives are currently before the State Duma of the Russian Federation.
You can learn more about the main changes and draft laws from our review.
Changes to the procedure for inclusion in the register of small and medium-sized enterprises (SMEs)
We would like to inform you on the changes to the procedure for inclusion in the register of small and medium-sized enterprises (SMEs) with the possibility of retrospective inclusion in the register prior June 30, 2020.