A special recording procedure for certain securities will be in effect until the end of 2025
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31.08.2022
MINISTRY OF FINANCE ANNOUNCED A CHANGE IN FSBU 25/2018 "LEASE ACCOUNTING"
Amendments to FSBU 25/2018 "Lease Accounting" entered into force on August 7, 2022. It is clarified that if the subject of the lease, by the nature of use, belongs to the group of fixed assets for which a decision was made to revaluate, then the lessee is entitled to decide on revaluation of the right of use of the asset. Lease payments do not include refundable and non-refundable VAT paid both by the lessee and the lessor.
30.08.2022
LIST OF PROGRAMS FOR MANDATORY PRE-INSTALLATION ON SMARTPHONES, TABLETS, COMPUTERS AND TVS IN 2023 HAS BEEN DETERMINED
The Government of the Russian Federation approved a list of programs for electronic data processing machines, the countries of origin of which are the Russian Federation or other member states of the Eurasian Economic Union, which must be pre-installed on certain types of technically sophisticated items (smartphones, tablets, stationary and portable computers, system units with an operating system, TVs with a digital control unit) in 2023.
The list of pre-installed software additionally includes the 2GIS navigation system and the e-book reader Litres: read and listen. And in the list of programs pre-installed on TVs - a program for accessing social networks Rutube. There are some other changes.
The Yandex search engine is approved as the default search engine.
29.08.2022
RURAL MORTGAGE PROGRAM BECOMES OPEN-ENDED
The rules for subsidising banks and JSC DOM.RF are clarified in order to compensate for lost income on issued housing (mortgage) loans for purchase (construction) of rural housing at a reduced rate.
Provisions concerning the period of implementation of the Rural Mortgage program have been excluded. The list of purposes for which a preferential credit (loan) is provided has been expanded.
26.08.2022
FULFILLMENT OF OBLIGATIONS UNDER EUROBONDS: THE CENTRAL BANK HAS DETERMINED THE MODE OF THE ROUBLE ACCOUNT OF TYPE "D"
The President established a temporary procedure for fulfillment of obligations under Eurobonds. For this, Russian debtors are entitled, on the basis of an appropriate permit, to open a type "D" account with a Russian bank in the name of a Eurobond holder that is non-resident or resident, whose rights are taken into account by a foreign depository. Upon the consent of the Eurobond holder, payments in roubles will be credited to it.
The Central Bank has determined the mode of such account. Thus, funds paid to non-residents and residents, or erroneously debited from a type D account, may be credited to an account of type "D".
25.08.2022
ON AUGUST 15, 2022, AUTOMATIC CONVERSION OF DEPOSITORY RECEIPTS STARTED
Russian issuers must notify a depository where the shares for which the receipts are issued no later than August 19, 2022, of the launch of such process.
The Central Bank of the Russian Federation recalled that in April 2022, the law obliged Russian issuers to terminate depositary receipt programs and convert them into shares.
However, due to sanction restrictions, difficulties arose with implementation of such procedures. Automatic conversion allows investors to obtain shares instead of receipts, bypassing the foreign accounting infrastructure.
24.08.2022
ON THE CURRENCY CONTROL OF THE AUTHORISED BANK OVER THE OPERATIONS OF CLIENTS
Currently, there is a ban for residents on the transfer of foreign currency received in the form of dividends on shares of Russian joint stock companies to accounts opened with foreign banks and other organisations of the financial market.
In this regard, when a resident transfers money in foreign currency from his/her account in an authorised bank to accounts in foreign banks, the authorised bank, on the basis of the information provided by the resident, must verify whether the transferred funds are money received in the form of payment of dividends on shares of Russian joint stock companies, or not.
23.08.2022
IT HAS BEEN ESTABLISHED WHICH OBJECTS OF ORGANISATIONS REGULATED BY THE FEDERAL SERVICE FOR THE OVERSIGHT OF CONSUMER PROTECTION AND WELFARE (ROSPOTREBNADZOR) ARE CONSIDERED POTENTIALLY DANGEROUS
The criteria for classifying objects of all forms of ownership, the copyright holders of which are Rospotrebnadzor or organisations regulated by it, as potentially dangerous. There are six hazard categories.
22.08.2022
FROM SEPTEMBER 1, THERE WILL BE INNOVATIONS IN THE LABELLING OF DAIRY PRODUCTS
From September 1, 2022, two important stages of labelling dairy products are being started, according to which all participants in the dairy industry must transmit information on the acceptance of goods to the Chestny Znak labelling system through electronic document management operators, and retail stores must transmit information on the sale of such products through cash registers.
19.08.2022
RUSSIA HAS LIMITED THE EXIT OF LARGE FOREIGN INVESTORS FROM MINING AND ENERGY PROJECTS
Until the end of 2022, the President banned transactions with shares, stakes (contributions), rights and liabilities under production sharing agreements, joint venture agreements, agreements under which investment projects are implemented in Russia if securities, shares (contributions), rights and liabilities are owned by foreign persons related to the foreign states taking unfriendly actions or the persons controlled by said foreign persons. The prohibition shall be applicable to transactions in relation to:
- strategic joint stock companies and companies controlled by them;
- the Sakhalin-1 project and the Kharyaginskoye field;
- manufacturers of equipment for organisations of the fuel and energy complex, heat and power industry, oil refineries;
- Russian credit institutions, the list of which will be determined;
- some individual subsoil users.
18.08.2022
BANKS ARE ALLOWED TO SUSPEND OPERATIONS WITH FOREIGN CURRENCY ACCOUNTS IF THEIR OWN FOREIGN ACCOUNTS ARE BLOCKED
The RF President established a temporary procedure for fulfilling obligations on foreign currency accounts (deposits) and on Eurobonds.
In particular, in case of blocking foreign currency accounts of Russian banks, they are allowed to do the following:
- to suspend operations on accounts (deposits) of clients that are organisations and individual businessmen in the currency to which banks have lost access until sanctions are lifted;
- to transfer to the client the right to claim on his own blocked account in a foreign bank.
17.08.2022
ACCESS TO EXCHANGE TRADING IS OPENED, BUT NOT FOR EVERYONE
Non-residents from friendly countries and foreign companies whose ultimate beneficiaries are Russian legal entities or individuals can trade on the Moscow Exchange from August 8, 2022.
For obtaining access to trading, professional participants should check which country the foreign client is a resident of. Responsibility for reliable identification of non-residents will be borne by brokers and management companies.
16.08.2022
FROM OCTOBER 30, 2022, THE DOMESTIC AIR TICKET BOOKING SYSTEM WILL OPERATE ON THE RUSSIAN SOFTWARE
Only Russian software will be used in the Automated Information System for Air Carriage Processing.
15.08.2022
ABOUT THE EXCHANGE OF NATIONAL DRIVING LICENCES EXPIRING IN 2022 AND 2023
Driver's licences that expired or expire in 2022 or 2023 are automatically renewed for three years. The rule was introduced from April 12, 2022 and applies to drivers of personal vehicles, as well as vehicles used in work or business.
12.08.2022
THE CABINET OF MINISTERS HAS DETERMINED, MANUFACTURERS OF WHICH RADIO-ELECTRONIC PRODUCTS CAN EXPECT ON TAX BENEFITS
A list of electronic (radio-electronic) products has been approved, manufacturers and developers of which can take advantage of insurance premiums or income tax benefits.
The list includes smart cards, laptops, tablets, LCD TVs, video cameras, cash registers, tachographs, etc.
11.08.2022
THE BANK OF RUSSIA HAS EXTENDED RESTRICTIONS ON FOREIGN CURRENCY CASH WITHDRAWALS FOR ANOTHER 6 MONTHS, UNTIL MARCH 9, 2023
The limit equal to 10,000 US dollars or the same amount in euros, valid until September 9, 2022, for withdrawing cash foreign currency from a foreign currency account or deposit remains.
Citizens that have not yet had time to take advantage of this opportunity from March 9, 2022 can withdraw only money in foreign currency that was credited to an account or deposit before March 9, 2022. The remaining funds can still be received in roubles at the market rate on the day of withdrawal.
Until March 9, 2023, restrictions on purchase of foreign currency will remain in force: banks can sell to citizens only euros and US dollars that entered to their cash desks after April 9, 2022.
10.08.2022
DECISION ON THE ESTABLISHMENT OF THE STATE-RUN NON-PROFIT COMPANY "ROSKADASTR" IS SIGNED
The company is created in accordance with the Federal Law through the reorganisation of Rostechinventarisation - Federal BTI JSC, the Federal State Budgetary Institution "Federal Scientific and Technical Center for Geodesy, Cartography and Spatial Data Infrastructure", and the Federal Cadastral Chamber of the Federal Service for State Registration, Cadastre and Cartography.
It is established that from the date of state registration, "Roskadastr" is entitled to carry out activities of the mentioned federal institutions and the joint-stock company.
09.08.2022
THE FEDERAL TAX SERVICE PUBLISHED NEW PUBLIC DATA OF COMPANIES FOR 2021
Sets of public data for 2021 on special tax regimes applied by organisations, as well as on their participation in the consolidated group of taxpayers, are posted on the website of the Federal Tax Service. Information from the sets is also disclosed in the "Transparent Business" service.
Information is placed in accordance with the Tax Code and helps in choosing reliable business partners.
08.08.2022
AMENDMENTS HAVE BEEN MADE TO THE FAMILY CODE OF THE RUSSIAN FEDERATION, ALLOWING HEIRS TO CHALLENGE THE RECORD OF PATERNITY IN COURT
Item 1 of Article 52 of the Family Code of the Russian Federation defines a list of persons who have the right to challenge in court the entry about the father (mother) of the child in the birth register, made in the case when the parents are not in a marriage.
This list has been amended. According to the amendments, this right is vested in the heir of the person recorded as the father of the child.
05.08.2022
THE KEY RATE HAS BEEN REDUCED TO 8% PER ANNUM
On July 22, 2022, the Bank of Russia decided to lower the key rate by 150 basic points. up to 8% per annum.
Following the meeting, the Bank of Russia published a medium-term forecast.
According to the forecast of the Central Bank of the Russian Federation, annual inflation will decrease to 12-15% in 2022, to 5-7% in 2023 and decrease to 4% in 2024.
04.08.2022
THE MODE OF ACCOUNTS OF TYPE “C” HAS BEEN CLARIFIED
Another reason has been established for debiting funds from a type "C" bank account opened for a non-resident. This is possible when returning to the payer the funds credited to such an account if the obligation, in fulfilment of which the funds were credited, is fulfilled in another way that does not contradict the legislation of the Russian Federation.
03.08.2022
LIABILITY FOR VIOLATION OF BUSINESS ACTIVITY
A number of laws have been signed that amend the Code of Administrative Offences of the Russian Federation. In particular, the provisions of the Code, which define the rules for imposing administrative penalties for offences detected within the framework of state and municipal control, have been adjusted in the direction of softening.
02.08.2022
MORE THAN 40 NEW STANDARDS COME INTO FORCE ON AUGUST 1, 2022
More than four dozen GOSTs and preliminary standards come into effect from August 1, 2022, including a set of standards on intellectual property and highways.
01.08.2022
AMENDMENTS ARE MADE TO FSBU 25/2018 “ACCOUNTING FOR RENT”’
The amendments provide for the following:
- lease payments will include payments stipulated by the lease agreement, net of VAT;
- if the subject of the lease, by the nature of its use, belongs to the group of fixed assets for which a lessee has made a decision on revaluation, the lessee may revalue the corresponding right to use the asset. Thus, the lessee is entitled to decide whether to revalue the corresponding right to use the asset or not.
It is clarified that the standard does not apply to public sector organisations.
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