Finance / Legal alerts

10 March, 2022 / Interim Management Services
The current political environment is forcing foreign companies operating in Russia to make decisions with little or no time for reflection. If circumstances nevertheless are compelling you to reduce or terminate your Russian activities, we suggest considering (at least on a temporary basis), putting your operations into dormancy and transferring the General Director’s authorities to a trustee.
On February 28, 2022, Decree of the President of the Russian Federation on the application of certain special economic measures regarding unfriendly actions by the US and its allies was issued. It includes the following measures to strengthen currency control in order to strengthen the Russian ruble.
We would like to remind you that from May 20, 2021, in accordance with changes to clause 3.2. article 23 of the Tax Code of the Russian Federation by Federal Law No. 100-FZ of, all foreign companies are required to provide information about participants to the tax authorities.
We would like to remind you that Russian companies, members of multinational enterprise group shall report with regard to 2020 fiscal year as follows:
Presidential decree #242 of April 23 proclaims May 4 – 7 to be “Non – Working Days” (not to be confused with “Holidays”).
We would like to remind you that companies should notify the Federal Tax Service about all controlled transactions that took place in 2020 by May 20, 2021.
Prior to January 1, 2021 when an employee was out of the office and unable to fulfill their responsibilities due to illness or maternity leave.
26 November, 2020 / Regulation of remote work
A draft law on amending the Labor Code of the Russian Federation, expanding the regulation of remote work and introducing regulation of temporary remote employment was adopted in the State Duma in the first reading.
In accordance with the new Federal Law No. 349-FZ, which entered into force on November 7, the Federal Tax Service will make changes to the register of SMEs on a monthly basis (previously the register was updated only once a year on August 10). This means that the process required to take advantage of government support dedicated to Small and Medium Sized companies (such as the reduction of the Social Insurance rate from 30% to 15%) has been greatly accelerated.
We would like to remind you that from January 1, 2021, the procedure for calculation and payment of benefits and sick lists to the employees will change. The innovations were introduced in order to guarantee the payment of social benefits to citizens, regardless of the financial standing of employers.
The proposal of the President of the Russian Federation, in a televised address from March 25, 2020, on the need to amend the agreements for the avoidance of double taxationmade by the Russian Federation in terms of dividends and interest taxation, has been partially implemented.
We would like to remind you that Russian companies, members of multinational enterprise group shall report with regard to 2019 fiscal year as follows.
On June 25, 2020, the Russian government decided to amend the current regime of entry restrictions introduced on March 16 due to the threat of the spread of a new coronavirus infection, based on the petitions from the diplomatic missions, business associations, Russian and foreign companies to the Government of Russia.
On January 1, 2020, amendments to the Labor Code of the Russian Federation and the Federal Law "On Individual (Personified) Accounting in the Compulsory Pension Insurance System".
06 April, 2020 / Measures to Secure Tenants
On April 1, 2020, the Federal Law "On amending in certain legislative acts of the Russian Federation on the prevention and response of emergencies" introduced measures aimed at secure tenants of real estate...
On March 25, the Russian President addressed the nation to outline the situation regarding the coronavirus global pandemic. In addition to the Federally mandated week – long closure of non-essential business, some relief was also provided to small and medium sized companies that would be affected.
We would like to remind you that a limited liability company (hereinafter referred to as “the Company”) shall annually conduct an Annual General Meeting of the Company’s participants to approve the results of the Company’s activity for the past year. Moreover, the obligation to convene and conduct the next general meeting of participants is given to the executive body of the company.
On December 2, new amendments to the Code of Administrative Offenses of the Russian Federation entered into force. In brief, a separate penalty for non-compliance with the rules on the storage, recording, systematization, clarification or extraction of personal data of Russian citizens in the territory of the Russian Federation was added.
Due to the season of preparation and audit of financial statements, we would like to remind you that in accordance with the changes from 28.11.2018 in Federal Law “On accounting” the new procedure for drawing up and reporting will come into force.
We inform you that on August 2, 2019, there were made amendments to the Law "On Currency Regulation and Currency Control". It was aimed at liberalizing a number of restrictions in foreign trade settlements.