Finance / Legal alerts

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".

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.

EMG would like to remind that before May 20, 2019, all companies that had controlled transactions in 2018 must submit notices of controlled transactions to the tax inspectorate.

Federal law No 303-FZ of August 3, 2018 «On Amendments Made to Legislative Acts of the Russian Federation Laws on Taxes-and-Duties» will increase the base rate of VAT from 18% to 20% from January 1, 2019.

Emerging Markets Group would like to draw your attention to the fact that on July 8, 2018 Federal Law dd. June 27, 2018 No. 163-FZ “On amendments to Federal Law “On migration registration of foreign nationals and stateless persons in the Russian Federation” goes into effect.

Emerging Markets Group would like to draw your attention to the fact that the deadline for migration registration of foreign citizens during the 2018 FIFA World Cup (from May 25 to July 25, 2018) has increased to 3 days from the date of arrival.

Emerging Markets Group would like to pay particular attention of its clients and partners that in accordance with the Decree of the President of the Russian Federation dated 09 of May 2017 No 202, the rules of personal migration registration of foreign citizens coming to Russia have been temporary tightened.

We would like to remind that before May 20, 2018, all companies that had controlled transactions in 2017 must submit notices of controlled transactions to the tax inspectorate. The transfer pricing rules apply to all transactions related to the provision of financing and credit agreements (with small exceptions), royalties and licensing agreements, supply contracts and service agreements between Russian companies and their foreign affiliated companies, even if the transaction price is zero.

We would like to remind you that according to Federal Law # 14-FZ “On Limited Liability Companies” (hereinafter referred to as “the Law”) a limited liability company (hereinafter referred to as “the Company”) shall annually conduct a General Meeting of the Company’s participants to approve the results of the Company’s activity for the past year.

A number of laws regarding the second stage of "capital amnesty" from March 1, 2018 to February 28, 2019 came into force February 19, 2018. The purported objective of the laws is to ensure the legal security of capital and property owned by individuals, protect property interests of Russian citizens as well as to facilitate the transition to the automatic exchange of information in tax matters at the international level.

Emerging Markets Group would like to remind you to get ready for an audit of financial statements for 2017.

Emerging Markets Group would like to pay particular attention of its clients and partners that in accordance with the Decree of the President of the Russian Federation dated 09 of May 2017 No 202, the rules of personal migration registration of foreign citizens coming to Russia have been temporary tightened.

On June 1, 2017, new norms of the Code of Administrative Offenses of the Russian Federation (Article 13.11 of the Code of Administrative Offenses of the Russian Federation in a new version) will go into effect which increase the liability for violations of laws protecting personal data.

According to Federal Law # 14-FZ “On Limited Liability Companies” a limited liability company shall annually conduct a General Meeting of the Company’s participants to approve the results of the Company’s activity for the past year.

Companies and individual entrepreneurs carrying on trade with the member states of the Eurasian Economic Union (Russia, Belarus, Kazakhstan, Armenia, Kyrgyzstan) are obliged to provide the custom authority with statistical forms for the documentation of the movement of goods.