A special recording procedure for certain securities will be in effect until the end of 2025

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10.01.2025

BANK OF RUSSIA HAS DECIDED TO KEEP THE KEY RATE AT 21%

On December 20, 2024, the Bank of Russia decided to keep the key rate at 21% per annum.

There has been a more significant tightening of monetary conditions than previously expected. The Central Bank of the Russian Federation will assess the advisability of raising the key rate taking into account the further dynamics of lending and inflation. According to the Bank of Russia's forecast, annual inflation will fall to 4% in 2026.

09.01.2025

RUSSIAN EXPORTERS WILL BE ABLE TO AVOID DEPOSITING FOREIGN CURRENCY EARNINGS INTO AUTHORISED BANKS

The rules for the issuing of permits of the Government Commission for Control over Foreign Investments have been adjusted.

Now the said commission will be able to permit Russian exporters and their subsidiaries not to credit foreign currency received in accordance with the terms of foreign trade agreements to their accounts in authorised banks. These provisions will be in effect until April 30, 2025 inclusive.

In addition, Russian exporters and (or) their subsidiaries now have the right to send foreign currency from their accounts in foreign banks to pay the obligations of Russian importers under foreign trade agreements (contracts) concluded with non-residents within three days from the date of crediting the Russian currency to their accounts in authorised banks from the accounts of Russian importers.

In this case, Russian importers must ensure the import of goods into the territory of the Russian Federation or the crediting of foreign currency transferred by Russian exporters and (or) their subsidiaries to their accounts in authorised or foreign banks for non-imported (non-received) goods within a period not exceeding 180 days from the date of fulfilment of such obligations.

08.01.2025

NEW VAT DECLARATION FORM HAS BEEN APPROVED

Starting from the report for the first quarter of 2025, a new form, format and procedure for filling out the VAT declaration will be introduced, as well as formats for information from the purchase and sales books (additional sheets to them), information on issued and received invoices from invoice registers.

The approval of the new form is due to the fact that large-scale VAT amendments were introduced into the Tax Code of the Russian Federation in 2024. In particular, from 2025, VAT will have to be paid by those who use the simplified tax system. New tax rates of 5% and 7% have been introduced for them, as well as exemption from taxpayer obligations for incomes up to 60 million roubles. In addition, a mechanism has been created for collecting VAT based on the country of destination of the goods when trading through electronic platforms, the lists of non-taxable transactions, transactions taxed at a rate of 10%, etc., have been adjusted.

07.01.2025

LISTS OF COUNTRIES PARTICIPATING IN THE EXCHANGE OF TAX INFORMATION WITH THE RUSSIAN FEDERATION, AS WELL AS THOSE NOT PROVIDING SUCH EXCHANGE, HAVE BEEN UPDATED

New lists of states (territories) have been approved:

- states (territories) with which automatic exchange of financial information is carried out. The list includes 63 countries and 12 territories.. It includes Armenia, Cameroon, Rwanda and Jamaica, as well as the territory of Niue.. The 26 EU member states that unilaterally stopped the automatic exchange of financial information with Russia have been removed;

- states (territories) with whose competent authorities automatic exchange of country reports is carried out. EU countries that have unilaterally stopped the exchange are removed. Albania, Cameroon, Dominican Republic, Mauritania, Papua New Guinea, the territories of Montserrat and the Faeroe Islands have been added;

- states (territories) that do not provide for the exchange of information for tax purposes with the Russian Federation. It now includes 117 countries and 14 territories..

It is instructive to recall that the profit of a controlled foreign company is exempt from taxation if the permanent location of such a controlled foreign company is a state with which the Russian Federation has an international agreement on taxation issues, with the exception of states that do not ensure the exchange of information for tax purposes with Russia.

06.01.2025

STARTING NEXT YEAR, NON-PROFIT ORGANISATIONS WILL HAVE TO POST THEIR CHARTERS ON THE MINISTRY OF JUSTICE'S INFORMATION RESOURCE

According to the amendments, non-profit organisations (except for political parties) must post their charter within 30 days from the date of their state registration. The text of the charter shall be uploaded through the personal account of the non-profit organisation on the department's website. Similarly, it will be necessary to post a new wording of the charter if amendments are made to it.

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