Windfall tax for major companies to be introduced in Russia

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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.
 
29.03.2024
DEADLINE FOR ORGANISATIONS TO FILE NOTIFICATIONS ABOUT CONTROLLED FOREIGN COMPANIES FOR 2023 - MARCH 20, 2024
March 20th is the deadline for organisations to submit notifications of controlled foreign companies for 2023. Notification of controlled foreign companies must be sent regardless of the financial result of such foreign company.
28.03.2024
REQUIREMENTS FOR PAYMENT OF CONTRIBUTIONS TO THE AUTHORISED CAPITAL OF FOREIGN COMPANIES HAVE BEEN CLARIFIED
From April 1, 2024, residents may not receive individual permission from the Central Bank of the Russian Federation to pay shares, deposits, shares in the property of non-residents, contributions to non-residents under simple partnership agreements, if the amount of such transactions in favour of one legal entity does not exceed 15 million roubles (equivalent in any foreign currency).
 
27.03.2024
IT IS PROPOSED TO MAKE PAYMENTS FOR INTELLECTUAL PROPERTY FOR MEDICINES FROM UNFRIENDLY COUNTRIES THROUGH O-TYPE ACCOUNTS
It is proposed to extend the temporary procedure for settlements with foreign copyright holders through a special O-type rouble account for the acquisition of results of intellectual activity and (or) means of individualization related to the circulation of medicines.
 
26.03.2024
DIGITAL FINANCIAL ASSETS TO BE USED AS CONSIDERATION UNDER FOREIGN TRADE AGREEMENTS
From March 11, 2024, rules for the possibility of using digital financial assets as means of payment under foreign trade agreements are provided for in a number of federal laws.
 
25.03.2024
TRANSACTIONS BETWEEN RELATED PARTIES: PROCEDURE FOR SCHEDULING INSPECTIONS IN EFFECT FROM MARCH 26, 2024
The change is that now a decision on the audit should be made without taking into account the date of the receiving by the Federal Tax Service of a notification of controlled transactions or notification of the territorial tax authority (previously, the time limit was two years from the date of receiving a notification of such transactions).
 
22.03.2024
ADVERTISING AND FOREIGN AGENTS: A LAW HAS BEEN SIGNED BANNING ADVERTISING BY FOREIGN AGENTS
Law on Advertising has been supplemented with provisions according to which distribution of advertising on an information resource of a foreign agent, as well as advertising of information resources of foreign agents, is not allowed. Responsibility for violation of the first of these requirements to be borne by both the advertiser and the advertising distributor, and for the second - by the advertising distributor.
 

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