Windfall tax for major companies to be introduced in Russia
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30.12.2022
THE CENTRAL BANK OF THE RUSSIAN FEDERATION HAS KEPT THE KEY RATE AT 7.5%
On December 16, 2022, the Bank of Russia decided to keep the key rate at 7.5% per annum.
According to the forecast of the Central Bank of the Russian Federation, annual inflation decreases to 5-7% in 2023 and returns to 4% in 2024.
29.12.2022
THE MINISTRY FOR DIGITAL DEVELOPMENT, COMMUNICATIONS AND MASS MEDIA TAKES A STAND AGAINST THE INTRODUCTION OF A BAN ON REMOTE WORK IN IT COMPANIES FROM ABROAD
According to the Ministry of Digital Development, a ban on remote work in IT companies for employees located abroad could slow down the pace of development of digital platforms, which could ultimately have a negative impact on their competitiveness.
Decisions on the format of the work of their employees should be made by IT companies themselves.
At the same time, the Ministry is against the remote work of developers in projects for the creation and development of state information systems and proposes to include relevant requirements in government contracts.
28.12.2022
NEW: SPECIFICS OF CALCULATION OF BENEFITS FOR PERSONS WORKING UNDER CIVIL LAW CONTRACTS
Starting from January 1, 2023, employees working under civil law contracts (except for self-employed persons) become subject to compulsory social insurance with respect to cases of temporary disability and in connection with motherhood.
27.12.2022
INTERNATIONAL DATA TRANSFER: THE FEDERAL SERVICE FOR SUPERVISION IN THE SPHERE OF TELECOM, INFORMATION TECHNOLOGIES AND MASS COMMUNICATIONS (ROSKOMNADZOR) RECALLED INNOVATIONS
From March 1, 2023, a new procedure for cross-border transfer of personal data shall be introduced. Roskomnadzor approves the list of foreign states providing adequate protection of the rights of personal data subjects. The duties of operators have been clarified.
Notification of Roskomnadzor on each fact of cross-border transfer of personal data, as well as on each new counter-party or change in the number of counter-parties shall not be provided.
26.12.2022
ON MARCH 1, 2023, PROVISIONS RELATED TO "LIFT SUPERVISION" FOR OPERATION OF ELEVATORS AND LIFTING PLATFORMS FOR DISABLED PERSONS, COME INTO FORCE
From March 1, 2023 federal state control is established with respect to the safe use and maintenance of dangerous technical devices of buildings and facilities, which, inter alia, include elevators and lifting platforms for disabled persons. Rostekhnadzor will act as the supervising body.
23.12.2022
DURING WHICH DOMESTIC RETAIL CHAINS WILL BE ABLE TO PURCHASE RETAIL SPACE OF OTHER RETAILERS IN THE EVENT OF THEIR WITHDRAWAL FROM RUSSIA HAS BEEN EXTENDED
Until December 31, 2023, the period during which the provisions of Article 14 of the Law on Trade Activities are not applied to large retail chains engaged in retail trade in food products has been extended. This article prohibits a food retailer, whose share in the annual volume of all goods sold in the territory of a constituent entity of the Russian Federation or a municipality exceeds 25%, to acquire or rent an additional area of retail facilities within the boundaries of the corresponding administrative-territorial entity.
The exception in question applies when the following conditions are met:
- the other party to the transaction is an organisation controlled by a foreign legal entity as of the date of its conclusion, while control arose earlier than June 15, 2022;
- the controlled entity is also the owner of a food retail chain but has ceased its activities in Russia (or announced its termination).
22.12.2022
THE LIST OF COUNTRIES WITH WHICH RUSSIA AUTOMATICALLY EXCHANGES FINANCIAL INFORMATION HAS BEEN ADJUSTED
The Federal Tax Service approved a new list of foreign states (territories) with which automatic exchange of financial information is carried out. There are now 85 states and 11 territories in the list. The list is supplemented by such states as Kazakhstan, Maldives and Oman. Switzerland and the Cayman Islands are removed from it.
21.12.2022
CABINET OF MINISTERS EXTENDED THE RULE ALLOWING COMPANIES NOT TO DISCLOSE THEIR CONSOLIDATED FINANCIAL STATEMENTS
The Government extended, until July 1, 2023, the rule allowing companies not to disclose annual and interim consolidated financial statements. The decision has been made in order to reduce the risk of using sensitive information available in reporting by hostile countries that impose sanctions on Russian companies.
20.12.2022
SUPPORTING MEASURES FOR DEALERS, BROKERS, FOREX DEALERS, PRIVATE PENSION FUNDS, MANAGERS AND MANAGEMENT COMPANIES TO BE EXTENDED FOR 2023
The Bank of Russia will provide an opportunity for dealers, brokers, forex dealers, managers and management companies to gradually form reserves for blocked assets (discount their value) during 2023 to calculate the capital and equity adequacy ratio.
19.12.2022
FROM 2023, THE MINISTRY OF INTERNAL AFFAIRS STARTS ISSUING PERMITS TO FOREIGNERS FOR TEMPORARY RESIDENCE IN RUSSIA FOR THE PURPOSE OF EDUCATION
The Ministry of Internal Affairs provides for the issuance and cancellation of permits for temporary residence in Russia for the purpose of obtaining education. Permits will be issued and annulled directly by territorial bodies of the Ministry of Internal Affairs.
16.12.2022
RUSSIA EXTENDED FOR A YEAR RESTRICTIONS ON THE EXIT OF LARGE FOREIGN INVESTORS FROM MINING AND ENERGY PROJECTS
The President extended for a year - until December 31, 2023 inclusive, the ban on transactions with shares, stakes, rights and obligations under production sharing agreements, joint venture agreements. This ban also covers agreements under which investment projects are implemented in Russia, if securities, shares, rights and obligations belong to foreign persons associated with unfriendly countries, or persons controlled by them.
15.12.2022
AMENDMENTS HAVE BEEN MADE TO THE RF CIVIL CODE REGARDING LEGAL PROTECTION OF ITEMS OF INTELLECTUAL PROPERTY RIGHTS REGISTERED IN ACCORDANCE WITH INTERNATIONAL TREATIES
Amendments, in particular, provide for the following:
- the rules on granting legal protection on the territory of Russia to an industrial design registered in accordance with an international treaty are established;
- issues of granting legal protection on the territory of Russia to a geographical indication or appellation of origin registered in accordance with an international treaty, and (or) granting an exclusive right to them, are settled.
The exclusive right to the specified geographical indication or appellation of origin should be valid for 10 years.
14.12.2022
MECHANISM OF STATE SUPPORT OF INDUSTRY IS BEING IMPROVED
The Law on clarifying the rules for state support of business entities in the area of industry comes into force on December 16, 2022. The Ministry of Industry and Trade will have the right to approve the list of works and services of state funds for the development of industry to provide financial and other types of support.
13.12.2022
BANK OF RUSSIA EXTENDED THE RESTRICTION ON EXCHANGE TRADING IN BLOCKED SECURITIES UNTIL APRIL 1, 2023
Russian depositories must continue to keep separate records of clients' rights to blocked assets. Brokers, in turn, are not entitled to accept and execute clients' orders to make transactions with such securities on the exchange market. At the same time, the owners' right of ownership to such foreign securities is retained.
The statement notes that these rules do not apply to securities of foreign issuers carrying out their main activities in Russia.
12.12.2022
THE LIST OF PERMITTED CURRENCY TRANSACTIONS BETWEEN RESIDENTS HAS BEEN EXPANDED
Settlements are possible without restrictions between residents in foreign currency on payment of monetary claims denominated in foreign currency, which are assigned by non-residents to residents under foreign trade agreements, as well as to residents who are financial agents under such agreements.
This is about settlements on claims ceded by non-residents who supply goods, perform work, provide services, transfer information or results of intellectual activity, including exclusive rights to them, as well as other non-residents who are holders of monetary claims to residents under the relevant foreign trade agreements.
09.12.2022
THE PRESIDENT EXTENDED A NUMBER OF RESTRICTIONS IN THE AREA OF CURRENCY REGULATION UNTIL THE END OF 2023
The ban for residents has been extended until the end of 2023:
- to pay for a share, contribution, share in the property (authorised or share capital, unit fund of a cooperative) of a non-resident legal entity;
- to make contributions to a non-resident under a simple partnership agreement with investment in the form of capital investments (a joint activity agreement).
The permission of the Central Bank of the Russian Federation is required for these transactions..
08.12.2022
LIBERALISATION OF INFORMATION DISCLOSURE BY SECURITIES ISSUERS AND INSIDERS TO BE VALID UNTIL JULY 1, 2023
In March 2022, the RF Government has adopted a temporary decision that allows, until December 31, 2022, issuers of securities and persons that are insiders to disclose and (or) provide information in limited contents and (or) volume, or refuse to disclose and (or) provide information envisaged by the legislation on joint-stock companies, on securities and (or) on countering the misuse of insider information and market manipulation, in order to protect against possible sanctions from hostile countries.
Now, a decision of the Government of the Russian Federation is published extending the validity of this measure for six months - until July 1, 2023.
07.12.2022
DECLARATION-FREE PROPERTY TAXATION: WHAT’S NEW TO BE EXPECTED IN 2023?
From January 1, 2023, taxpayers that are Russian organisations should not include into the declaration information on taxation items the tax base for which is determined as the cadastral value. If a company possessed only the specified items in the expired tax period, the tax declaration is not required.
From 2023, tax authorities will send organisations electronic messages concerning the calculated amounts of property tax based on information from the Russian State Cadastral Register and other authorised agencies.
The messages will also include calculations of transport and land taxes, that will allow to see information on the total amount of tax expenses for the property of a legal entity.
06.12.2022
VIRTUAL OBLIGATORY MEDICAL INSURANCE (OMI) POLICIES WILL START WORKING FROM DECEMBER 1, 2022
On the first day of winter, digital OMI) policies should be launched - in fact, the policy will simply be the number of the patient’s data entry in the electronic register of the insured, so it will be enough for a patient who seeks medical assistance to present only a passport. The children's policy should also contain information on the legal representatives of a little patient. You can get such a policy in the form of a two-dimensional bar-code on the Portal of Government Services. The possibility to obtain a policy on a tangible medium is also preserved: this requires an application from the insured.
05.12.2022
CONSTITUTIONAL COURT BANNED THE PUNISHMENT OF DRIVERS FOR DRUG INTOXICATION UNTIL AMENDMENTS ARE MADE TO THE CODE OF ADMINISTRATIVE OFFENCES OF THE RUSSIAN FEDERATION
The Constitutional Court of the Russian Federation forbade bringing to administrative actions against drivers who drove a car after taking medicine drugs (not narcotic or psychoactive drugs, and not spirituous medicine) that negatively affect attention and reaction.
The federal legislator should immediately take measures to eliminate the constitutionally significant gap in the note to Article 12.8 of the Code of Administrative Offences of the Russian Federation.
02.12.2022
EXCISES AS A CURE FOR DIABETES: FROM JULY 2023 SWEET SODA WILL RISE IN PRICE
The Tax Code of the Russian Federation has been amended to provide for introduction of an excise tax on sugar-containing drinks from July 1, 2023. The excise tax to be set as 7 roubles per 1 litre.
01.12.2022
PERSONS CONTROLLING THE DEBTOR WILL BE ABLE TO PARTICIPATE IN THE CONSIDERATION OF ISSUES AFFECTING THEIR LIABILITY
The Law on Bankruptcy has been supplemented with a provision that gives persons held liable in a bankruptcy case the right to participate in the consideration of issues that could affect the scope of their obligations, including the right to appeal against judicial acts adopted on such issues.
In addition, it is possible for the person controlling the debtor to file a petition to involve him/her in the bankruptcy case. If the arbitration court satisfies this petition, the controlling person will also receive the right to take part in the consideration of these issues.
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