Windfall tax for major companies to be introduced in Russia
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30.04.2024
PROCEDURE FOR OBTAINING A TEMPORARY DOCUMENT FOR RETURNING TO RUSSIA HAS BEEN ESTABLISHED
A procedure has been established for the issuance of a temporary personal identification document giving the right to entry (return) to Russia by diplomatic missions or consulates of Russia or representative offices of the Ministry of Foreign Affairs in the border area. The form of this document is indicated. It is issued in the form of a certificate. To receive it, the application and documents must be submitted in person.
29.04.2024
MINISTRY OF DIGITAL DEVELOPMENT INFORMS ABOUT THE POSSIBILITY OF OBTAINING A CERTIFICATE OF AN ENCRYPTED AND CERTIFIED DIGITAL SIGNATURE USING THE GOSKLYUCH MOBILE APPLICATION THROUGH FACE-TO-FACE IDENTIFICATION
Previously, it was possible to confirm your identity in order to receive a certificate of an encrypted and certified digital signature using Gosklyuch only remotely - using a new international passport or confirmed biometrics. Now you can do it in person, at the Multifunctional Public Services Centre or branches of partner banks. The Ministry of Digital Development informed about this last week.
Also the department reminded what services can be obtained using an encrypted and certified digital signature or an encrypted and non-certified digital signature using the Gosklyuch mobile application.
26.04.2024
THE PROHIBITION ON FORECLOSURE, SEIZURE AND APPLICATION OF OTHER INTERIM MEASURES IN RELATION TO ASSETS IN S-TYPE AND I-TYPE ACCOUNTS HAS BEEN CLARIFIED
From January 3, Decrees of the President of the Russian Federation No. 95 of March 5, 2022 and No. 665 of September 9, 2023 were supplemented with provisions establishing that
collection under executive documents cannot be applied to funds and securities accounted for in S-type accounts, as well as for funds held in I-type accounts, or arrest has not been imposed or other interim measures cannot be taken in relation to them.
25.04.2024
THE GOVERNMENT COMMISSION ON FOREIGN INVESTMENTS WILL MAKE RECOMMENDATIONS ON TRANSACTIONS WITH FOREIGN SHARES IN RUSSIAN COMPANIES
The rules for issuing permits have been adjusted in order to implement additional temporary economic measures to ensure financial stability. They are issued by the Government Commission for the Control over Foreign Investments.
It has been established that the commission will consider the feasibility of transactions with foreign shares in Russian companies. This means that transactions in the financial and fuel and energy sectors, which are prohibited and which can be carried out on the basis of a special decision of the President (in particular, the withdrawal of large foreign investors from mining and energy projects).
24.04.2024
SUBMITTING INFORMATION ON BANS ON FINANCIAL TRANSACTIONS AND BLOCKED PERSONS: BANK OF RUSSIA HAS DETERMINED THE RULES
The Bank of Russia has prepared the rules for for supervised organisations for electronic generation of information provided for by the Law on Special Economic Measures. This concerns information on blocked persons, information on the measures taken to freeze (block) funds or other property, and on prohibitions (restrictions) with respect to financial transactions.
23.04.2024
FOR SAR RESIDENTS, A PROCEDURE IS ESTABLISHED FOR EXTENDING THE DEADLINE FOR LEAVING A FOREIGN REGISTER
Government has approved the procedure for making a decision on extending the deadline for leaving the register of foreign legal entities for companies that are residents of Russian special administrative regions (SAR). Such decisions to be made by the Governmental commission for supervision over foreign investment.
In particular, SAR residents with a status of international companies will be able to send an application to the Ministry of Economic Development no earlier than two months before the expiration of the established period. A list of documents to be attached to such application is also determined.
22.04.2024
FROM JANUARY 1, 2025, PBU 4/99 ‘ACCOUNTING STATEMENTS OF AN ORGANISATION’ BECOMES INVALID
From January 1, 2025, PBU 4/99 ‘Accounting statements of an organisation’ will no longer be in force. It will be replaced with FSBU 4/2023 ‘Accounting (financial) reporting’.
19.04.2024
BAN ON FORECLOSURE, SEIZURE AND APPLICATION OF OTHER INTERIM MEASURES IN RELATION TO ASSETS IN S-TYPE OR I-TYPE ACCOUNTS HAS BEEN CLARIFIED
From January 3, funds and securities accounted for in S-type accounts, as well as for funds held in I-type accounts, cannot be levied under enforcement documents, and arrest cannot be imposed in relation to them. no other interim measures can be taken.
From April 8, 2024, these provisions are set out in a new wording. They specify that:
- a demand for the collection of mandatory payments in respect of assets in S-type or I-type accounts cannot also be made;
- a ban on foreclosure, seizure, filing a claim for the collection of obligatory payments, the use of other interim measures is applied if the relevant judicial acts and acts of other authorities are issued after January 3, 2024.
18.04.2024
AGROTERRA'S ASSETS ARE UNDER THE TEMPORARY MANAGEMENT OF THE FEDERAL PROPERTY MANAGEMENT AGENCY
The assets of the AgroTerra group, belonging to the Dutch holding, were transferred under the temporary management of the Federal Property Management Agency.
17.04.2024
DEADLINE FOR THE SALE OF SHARES OF FOREIGN SHAREHOLDERS OF THE SAKHALIN-1 PROJECT HAS BEEN EXTENDED
The President extended the deadline for the sale of shares of foreign shareholders of the Sakhalin-1 project until January 1, 2025.
16.04.2024
THRESHOLD VALUES OF LARGE AND ESPECIALLY LARGE AMOUNTS TO BE INCREASED FOR A NUMBER OF ECONOMIC OFFENCES PROVIDED FOR BY THE RF CRIMINAL CODE
This concerns, in particular, criminal liability for crimes related to non-payment of taxes, fees or insurance premiums, violation of legislation in the sphere of securities market, or violation of the antimonopoly legislation.
The general rule for determining large and special large amounts (damage/income/debt) has also been adjusted for certain Articles in the Chapter ‘Crimes in the Sphere of Economic Activity’.
In addition, large and especially large amounts of income are excluded from the list of constituent elements of illegal business activity.
15.04.2024
NEW SUB-COMMITTEE IS FORMED TO ENSURE DECISION-MAKING IN THE FIELD OF THE USE OF INTELLECTUAL PROPERTY WITHOUT COPYRIGHT HOLDERS’ CONSENT
Russia creates a new Sub-Committee for settling matters on the use of inventions, utility models and industrial designs in order to ensure the economic security of the state.
The Sub-Committee will consider applications from the Russian legal entities in which the state or Russian citizens own a stake of more than 75%. For this, certain conditions must also be met:
- a patent holder has refused to use the rights;
- a patent holder did not respond to an appeal within 30 days.
Patent holders to be notified of decisions made as soon as reasonably possible, and they will be entitled to a proportionate compensation.
12.04.2024
FROM APRIL 1, 2024 CURRENCY CONTROL RULES FOR FOREIGN TRADE CONTRACTS HAVE BEEN RELAXED
Russian companies participating in foreign trade activities may now not submit documents to the bank on transactions with foreign partners if the volume of such a transaction does not exceed one million roubles. Previously, this threshold was 600 thousand roubles.
The obligation of companies to send shipping and other documents that confirm the movement of goods within the EAEU to authorised banks is also cancelled. The Federal Customs Service will exchange such information with banks independently in electronic form.
In addition, the right of companies is secured to pay under a registered foreign trade contract through any authorised bank, and not just through the one in which they are registered.
11.04.2024
EXPLANATIONS FROM THE MINISTRY OF FINANCE ON INNOVATIONS IN FINANCIAL STATEMENTS
The Russian Ministry of Finance has prepared clarifications concerning application of FAS 4/2023 ‘Accounting Reports’. FAS 4/2023 will operate instead of PBU 4/99 ‘Accounting statements of an organisation’. After FAS 4/2023 comes into force, the provisions of other acts regarding accounting (for example, Regulations No. 34n, issued in 1998, on Accounting and Reporting) should to apply in as much as they are not contrary to FAS 4/2023.
The significant innovations in the rules of accounting, rules for drawing up a balance sheet, a statement of financial results, a statement of changes in capital, rules for drawing up explanations, and accounting for a non-profit organisation are provided.
Organisations must apply FAS 4/2023 from accounting records for 2025. The possibility of early application of the standard is not provided.
10.04.2024
RESIDENTS BELONGING TO THE SAME INTERNATIONAL GROUP OF COMPANIES WITH NON-RESIDENTS WILL BE REQUIRED TO REPORT ON THE MOVEMENT OF MONEY THROUGH ACCOUNTS IN FOREIGN BANKS
Residents must report on the movement of funds and other financial assets on accounts in foreign banks and on transfers without opening an account using electronic means of payment of foreign payment service providers. The Ministry of Finance will update reporting forms.
Rules are provided for the submission of reports by residents belonging to the same international group of companies with non-residents.
09.04.2024
BANK OF RUSSIA EXTENDED RESTRICTIONS ON TRANSFERS OF FUNDS ABROAD FOR ANOTHER SIX MONTHS
It is reported that the restrictions will remain in effect for another six months - from April 1 to September 30, 2024 inclusive.
Russian nationals and non-resident individuals from friendly countries will still be able to transfer no more than one million US dollars or the equivalent in another foreign currency to any accounts in foreign banks within a month.
Limits on transfers through money transfer systems are also maintained - no more than 10 thousand US dollars or the equivalent in another foreign currency per month. Transfer amounts are calculated at the official exchange rate of foreign currencies to the rouble as of the date the bank receives a transaction order.
08.04.2024
FROM APRIL 1, 2024 A RESORT FEE TO BE CHARGED IN ST. PETERSBURG
In certain territories of Russia, an experiment is being conducted to collect fees from tourists for using resort infrastructure (a resort fee).
As part of an experiment to collect fees from tourists for the use of resort infrastructure, a resort fee was introduced in St. Petersburg from October 1, 2023. True, its size was 0 roubles per day until March 31, 2024. But from April 1, 2024, the fee will be charged in the amount of 100 roubles per day per person.
05.04.2024
BANK OF RUSSIA AGAIN KEPT THE KEY RATE AT 16% PER ANNUM
The Board of Directors of the Bank of Russia decided to keep the key rate at 16.00% per annum. Thus, the regulator did not change the rate for the second time.
The Central Bank of the Russian Federation explained that current inflation pressure is gradually weakening, but remains high. Domestic demands continue to significantly outstrip the possibilities for expanding the production of goods and services. Labour market tightness has increased again. It is too early to judge the further speed of disinflationary trends. Monetary policy pursued by the Bank of Russia will consolidate the process of disinflation in the economy.
04.04.2024
RESTRICTIONS ON TRANSACTIONS WITH SHARES OF RUSSIAN FUEL AND ENERGY COMPANIES HAVE BEEN CLARIFIED
Until the end of 2025, a number of transactions (operations) with shares (stakes) of Russian companies in the fuel and energy sector are prohibited.
It has been established that the ban does not apply to transactions (operations) with mutual fund shares or its assets. There is a talk about cases when the assets include shares (stakes) that constitute less than 1% of the authorised capital of the corresponding company.
03.04.2024
RULES FOR LABELLING TOBACCO PRODUCTS HAVE BEEN ADJUSTED
Registration of products, raw materials and participants in circulation in the information monitoring system has been regulated. It is agreed to provide information to the monitoring information system on the production, circulation and termination of circulation of products that are not subject to labelling, as well as on the production or import of raw materials into Russia, their circulation and use.
02.04.2024
DEPOSIT INSURANCE SYSTEM: FROM MARCH 25, 2024, IT COVERS ALSO ACCOUNTS OF MEDIUM-SIZED ENTERPRISES, SOME NON-PROFIT ORGANISATIONS, LAWYERS AND NOTARIES
Insured funds include funds placed in bank accounts of lawyers, notaries and other individuals that opened accounts to carry out professional activities. In addition, the deposit insurance system has been extended to medium-sized enterprises and some non-profit organisations (trade unions and socially oriented non-profit organizations).
01.04.2024
FEDERAL STATE ENVIRONMENTAL INFORMATION SYSTEM WILL APPEAR IN RUSSIA
The federal system, in particular, is supposed to contain information on the following:
- the state of atmospheric air, water bodies, subsoil and other components of the natural environment;
- stationary sources, emissions, discharges of pollutants;
- management of production and consumption waste;
- the state of the ecological system of Lake Baikal;
- the state of permafrost;
- results of the state environmental assessment.
The system to be managed by the Russian Ecological Operator.
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