31.05.2024

A LICENSING PROCEDURE IS PROVIDED FOR THE ACQUISITION OF EXCLUSIVE RIGHTS TO THE RESULTS OF INTELLECTUAL ACTIVITY FROM PERSONS OF UNFRIENDLY COUNTRIES

The President established a temporary procedure for residents to acquire exclusive rights to the results of intellectual activity or means of individualization from persons of unfriendly countries.

To carry out such transactions, a permit from the Government Commission for Control of Foreign Investments in the Russian Federation will be required. Remuneration and other payments under the transaction will be transferred to a special O-type rouble account in an authorised bank, which is opened by the acquirer in the name of the rightholder or foreign creditor. The established procedure does not apply to the acquisition of rights to works of science, literature or art, results of performing activities, phonograms, messages from broadcasting or cable broadcasting organisations, as well as transactions worth no more than 15 million roubles.

30.05.2024

THE CENTRAL BANK OF THE RUSSIAN FEDERATION HAS RESOLVED ISSUES OF CONTROL OVER THE TRANSITION OF BANKS TO DOMESTIC SOFTWARE

According to amendments to the Law on the Bank of Russia, the regulator must control the transition of credit institutions to domestic software. In this regard, the Central Bank of the Russian Federation has established a monitoring procedure for:

- implementation of action plans of credit institutions for the transition to the primary use of Russian software, domestic radio-electronic products and telecommunications equipment at significant facilities of critical information infrastructure;

- procurement of such foreign products, as well as services necessary for their use at the specified facilities.

29.05.2024

REPORTS ON FOREIGN ACCOUNTS AND FOREIGN ELECTRONIC WALLETS: INDIVIDUALS MUST SUBMIT BY JUNE 3, 2024

The Federal Tax Service reminds that June 3, 2024 is deadline for resident individuals to file reports for 2023 with tax authorities on the flow of funds and other financial assets in foreign accounts, as well as foreign electronic wallets.

Individuals resided abroad for a cumulative period of more than 183 days in 2023 are not required to file 2023 reports.

It is also not required to submit reports on foreign accounts opened on the territory of the EAEU or in countries participating in the automatic exchange of financial information, but only in cases where credits or debits to the account or the balance of funds as of the end of the reporting year do not exceed 600 thousand roubles (or an equivalent amount in foreign currency).

28.05.2024

NON-CREDIT FINANCIAL ORGANISATIONS: CHANGES IN ACCOUNTING RECORDS

Forms for submitting accounting (financial) statements to the Bank of Russia have been adjusted for certain non-credit financial organisations, credit rating agencies and credit history bureaus.

The changes concern, in particular, reflection of intangible assets and capital investments, digital financial assets, long-term savings agreements, as well as income from providing consulting and information services.

27.05.2024

RESIDENTS ARE PROHIBITED FROM SELLING AIRCRAFT AND SHIPS TO FOREIGN COMPANIES FROM UNFRIENDLY COUNTRIES

Permits to sell real estate to foreign companies from unfriendly states does not apply with respect to aircraft, ships, and inland navigation vessels.

24.05.2024

IN 2024, THE DEADLINE FOR INDIVIDUALS TO SUBMIT REPORTS ON FOREIGN ACCOUNTS AND FOREIGN ELECTRONIC WALLETS IS JUNE 3, 2024

June 3, 2024 is deadline for resident individuals to submit reports to the tax authorities for 2023 on movement of money and other financial assets in foreign accounts, as well as in foreign electronic wallets.

June 1st and 2nd are days off, the deadline for submitting reports to be transferred to the next business day - the 3rd of June.

23.05.2024

THE PROCEDURE FOR MIGRATION REGISTRATION OF FOREIGNERS HAS BEEN CLARIFIED

Migration registration of foreigners includes registration at the place of residence and registration at the place of stay.

Only foreigners who have a temporary residence permit, including for the purposes of education, or who have a residence permit can register at their place of residence. Foreigners who have not received the specified documents are subject to registration at the place of stay.

To register at the place of stay, foreigners must present an identity document and a migration card.

As a rule, the host party is Russian citizens who provide accommodation for foreigners, as well as companies that hire foreign labour.

22.05.2024

THE FEATURES OF STATE REGISTRATION AND PRELIMINARY INFORMATION SEARCH OF INVENTIONS OR UTILITY MODELS IN THE AREA OF INFORMATION TECHNOLOGY HAVE BEEN ESTABLISHED

The Ministry of Economic Development has prepared amendments on issues of state registration, as well as conducting a preliminary information search for an invention or utility model.

Requirements for disclosing the essence of a utility model and invention in the area of information technology have been determined.

The procedure for checking compliance with the conditions of patentability and checking the inventive step of an invention in the area of information technology has been established.

21.05.2024

CLASSIFICATION OF HOTELS, SKI SLOPES AND BEACHES: IMPROVING THE ACCREDITATION PROCEDURE

It is planned to adjust the rules for accreditation of organisations responsible for classifying beaches, hotels and ski slopes.

Accreditation certificates will be generated electronically. The requirements will be adjusted for specialists to obtain accreditation in the field of classification of 4 and 5 star hotels. Applications for accreditation will need to be submitted through the public services web-portal or FSIS in the field of accreditation.

20.05.2024

ACADEMIC DEGREES: MUTUALLY RECOGNISED IN THE EAEU MEMBER STATES

On May 2, 2024, the Agreement on the mutual recognition of documents on academic degrees in the EAEU countries came into force.

Now national documents on the academic degree of nationals of the countries of the Eurasian “five” are recognised automatically without national recognition procedures for work in another state of the Union, with the exception of cases when holders of such documents apply for allowances and benefits for an academic degree established in the country of employment.

17.05.2024

LIST OF CASES TO USING ‘S’ TYPE ACCOUNTS HAS BEEN EXPANDED

The rules for using ‘S’ type accounts for settlements and transactions have been adjusted.

The transfer to residents of funds in the amount of payments on securities previously credited to their ‘S’ type accounts is settled for the following cases:

- after March 1, 2022, foreign creditors were not owners of the securities for which payments were credited;

- after March 1, 2022, transactions with securities were carried out under permits provided for by presidential decrees.

16.05.2024

OFFSHORE COMPANIES FOR TAX PURPOSES - A SPECIAL LIST HAS BEEN APPROVED

The Russian Ministry of Finance has approved a Special List of states and territories that provide preferential tax treatment and (or) do not provide for the disclosure and provision of information when conducting financial transactions (offshore zones). The special list of offshore zones includes 40 countries.

It applies to tax periods 2024-2026 for income tax and personal income tax for the purposes of exemption from taxation of CFC profits, determining the tax base for income tax and applying tax rates for income tax.

15.05.2024

HOSTING PROVIDERS DO NOT NEED A LICENCE TO PROVIDE COMMUNICATION SERVICES

The activities of hosting providers do not require obtaining a licence to provide communication services.

A hosting provider is a person who provides services to provide computing power for placing information in an information system that is permanently connected to the Internet. These services are not communication services.

14.05.2024

LIST OF TAXPAYERS ENTITLED TO ENTER INTO PRICING AGREEMENTS HAS BEEN EXPANDED

The rules for concluding a pricing agreement for tax purposes in relation to a foreign trade transaction have been adjusted.

A taxpayer who is a party to transactions that are recognised as controlled and the subject of which are goods included in one or more commodity sections, and the amount of income (expenses) for which is at least two billion roubles per calendar year, can now apply to the Federal Tax Service with an application for the conclusion of such an agreement.

13.05.2024

QUOTAS FOR THE EXPORT OF MINERAL FERTILIZERS HAVE BEEN EXTENDED

It was decided to extend non-tariff quotas for the export of mineral fertilizers from Russia outside the EAEU. They will be valid from June 1 to November 30, 2024 inclusive.

The total export quota is 19.7 million tons. The Ministry of Industry and Trade will distribute it among exporters. Quotas do not apply to the supply of fertilizers to Abkhazia and South Ossetia.

10.05.2024

BANK OF RUSSIA LEFT THE KEY RATE AT 16% PER ANNUM

On April 26, 2024, the Bank of Russia decided to maintain the key rate at 16% per annum.

The return of inflation to target in 2024 and its further stabilisation around 4% suggests a longer period of maintaining tight monetary conditions of the economy. According to the Bank of Russia's forecast, annual inflation will drop to 4.3 - 4.8% in 2024 and return to 4% in 2025.

09.05.2024

REQUIREMENT FOR MANDATORY REPATRIATION OF FOREIGN CURRENCY AND SALE OF FOREIGN CURRENCY PROCEEDS HAS BEEN EXTENDED

The requirement for the mandatory repatriation of foreign currency and the sale of foreign currency earnings under foreign trade contracts for certain major Russian exporters has been extended until April 30, 2025.

At the same time, the period for exporters to credit foreign currency earnings to their accounts has been increased from 90 to 120 days (from the date of transfer of goods to non-residents, performance of work for them and provision of services in accordance with foreign trade contracts).

08.05.2024

MINIMUM PERIOD FOR KEEPING COMPANY DATA IN THE PUBLIC DOMAIN HAS BEEN REDUCED

The Tax Code of the Russian Federation provides for posting some information on the company that is not recognised as tax secrets in the form of open data on the official website of the Federal Tax Service, if such information does not relate to state secrets.

Such information shall be posted on the Service’s website within certain periods and is publicly available for at least a year.

From May 19, 2024, this period to be reduced to one month.

07.05.2024

AMENDMENTS TO THE TAX CODE: SPECIAL STAMPS ON TOBACCO, EXCISE TAXES ON WINE, MINERAL EXTRACTION TAX ON THE EXTRACTION OF SEMI-PRODUCTS WITH PRECIOUS METALS

There is a transition to payment of excise tax on tobacco based on data from the state information monitoring system. Registration and control special marks are being introduced for application to the packaging of tobacco and excisable nicotine-containing products. They will replace excise stamps.

In order to support domestic winemaking, from May 1, 2024, excise tax rates on Russian wines will be reduced: fortified (liqueur) wine, fortified wine in bulk, sparkling wines, including Russian champagne. Manufacturers of fortified (liquor) wines and wine materials are exempt from paying advance excise taxes.

A coefficient is provided that increases the amount of mineral extraction tax for the extraction of semi-products containing one or more precious metals (gold, silver, platinum, palladium, iridium, rhodium, ruthenium, osmium) for the tax period, the beginning of which falls on the period from June 1 to December 31 2024 inclusive.

06.05.2024

PAYMENT PROCESSORS CAN BE REGISTERED WITH THE FEDERAL FINANCIAL MONITORING SERVICE ONLY AFTER BEING INCLUDED IN THE REGISTER OF THE BANK OF RUSSIA

From October 1, 2023 to October 1, 2025, the Federal Financial Monitoring Service will register payment processors in the procedure prescribed by the law on combating money laundering and the financing of terrorism, provided that information about them is entered into a special register by the Bank of Russia. If the payment processor plans to register with the Federal Financial Monitoring Service, then the necessary documents for this need to be sent only after entering the information into the register.

Companies that worked as payment processors before October 1, 2023 are required to enter information about themselves into the register of payment processors before October 1, 2024. After this date, in the absence of information in the register, the activity of accepting payments as a payment processor is prohibited.

03.05.2024

TIME LIMITS HAVE BEEN ESTABLISHED FOR THE FORCED CONVERSION OF SECURITIES OF FOREIGN ISSUERS INTO SHARES OF AN INTERNATIONAL COMPANY

Previously, it was decided to create international companies in special administrative regions by way of incorporation. This will help speed up the transfer to Russia of foreign assets of companies that are currently hampered by sanctions.

In this regard, the Board of Directors of the Bank of Russia established the procedure and terms for the forced conversion of securities of foreign issuers certifying rights in relation to shares of joint stock companies with the status of an international company into shares of such joint stock companies.

02.05.2024

PBU 4/99 ‘ACCOUNTING STATEMENTS OF A COMPANY’ TO BECOME INVALID FROM JANUARY 1, 2025

From January 1, 2025, the Order of the RF Ministry of Finance approving PBU 4/99 becomes invalid.

This is due to the approval of a new accounting standard “Accounting (financial) reporting” (FAS 4/2023).

As the Russian Ministry of Finance has already explained, companies must apply FAS 4/2023 starting with the financial statements for 2025. No pre-schedule application provided for this standard. Starting from reporting for 2025, PBU 4/99 and Order No. 66n are not subject to application, and the provisions of other regulations on accounting reporting should apply to the extent that does not contradict the new FAS 4/2023.

01.05.2024

WORLD FRIENDSHIP GAMES IN RUSSIA - THE PROCEDURE FOR HOLDING THE GAMES NOW AT THE LEGISLATIVE LEVEL

The World Friendship Games are a new format of international sports competition that supports the principle of universal accessibility of sports and the absence of discrimination against any group of athletes.

The following is now provided in legislation:

- the powers of the IFA - International Friendship Association, organiser, and organizing committee;

- the specifics of advertising and trading during the World Friendship Games;

- the rules for the use of the radio frequency spectrum;

- transport issues have been settled;

- the procedure for selling entrance tickets;

The Unified Gambling Regulator will transfer targeted deductions from bets and wagers to the organiser of the World Friendship Games in the amount of 25%.

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