Windfall tax for major companies to be introduced in Russia
Garant – Free Online Demo
Legal information system for your company.
Simply click on the button «Start working» and the system Legislation of Russia in English will be available for unlimited time.
News
28.04.2023
FROM APRIL 1, BANK DETAILS ARE PROVIDED ACCORDING TO THE INTERNATIONAL STANDARD
The Bank of Russia recommends that credit institutions use this format when providing clients with their bank details in accordance with the ISO 13616 international standard “International Bank Account Number” (IBAN) for cross-border transactions. Credit institutions can use bank details in this format for cross-border settlements in accordance with the rules adopted in international banking practice.
27.04.2023
DIGITAL FINANCIAL ASSET: THE BANK OF RUSSIA WILL RESPOND TO VIOLATIONS BY INFORMATION SYSTEM OPERATORS AND EXCHANGE OPERATORS
The actions of the Bank of Russia are regulated in the event of violations by the operator of the information system in which digital financial assets are issued and the operator of the exchange of digital financial assets.
26.04.2023
A PATENT FOR AN INVENTION IS ISSUED UNDER THE NEW RULES
The Ministry of Economic Development has updated the forms of documents for the state registration of inventions, the requirements for an application for a patent for an invention, as well as the procedure for information retrieval during the examination.
25.04.2023
INDIVIDUALS AND TAX AUTHORITIES WILL BE ABLE TO EXCHANGE DOCUMENTS THROUGH THE PUBLIC SERVICES PORTAL
Appropriate amendments to the Tax Code were adopted. The rules of interaction will be determined by the Federal Tax Service in agreement with the Ministry for Digital Development, Communications and Mass Media.
These amendments shall enter into force on July 1, 2023.
24.04.2023
MANUFACTURERS OF SOFTWARE AND HARDWARE SYSTEMS CAN COUNT ON TAX INCENTIVES
The Ministry for Digital Development, Communications and Mass Media starts accepting applications for the inclusion of software and hardware systems in the register of Russian software. This will allow manufacturers to claim lower insurance premiums and a zero income tax rate. In the registry, you can now indicate that the software falls within artificial intelligence.
21.04.2023
FINANCIAL SUPERVISION COMMITTEE UNDER THE CENTRAL BANK: NEW OPERATION REGULATIONS
Through this Committee, the Bank of Russia performs regulatory, monitoring and supervisory functions in the field of financial markets. The Committee, among other things, is responsible for decisions to apply to non-credit financial organisations measures to restrict concluding contracts with citizens or individuals that are not qualified investors, if a client has received incomplete or inaccurate information on risks, or the information requires special knowledge and experience in the financial market sphere.
20.04.2023
CHANGES IN THE PROCEDURE FOR SIGNING ELECTRONIC INVOICES
The procedure for signing electronic invoices has been adjusted. Changes are made to the procedure for issuing and receiving invoices via telecommunication channels using an enhanced certified digital signature.
19.04.2023
THE CENTRAL BANK OF THE RUSSIAN FEDERATION STARTS LIMITING MORTGAGE PROGRAMS WITH EXTREMELY LOW RATES
The Bank of Russia announced that it discourages the issuance of mortgage loans, the total cost of which is significantly below the market level. Starting from May 30, 2023, for such loans issued after March 15, 2023, banks must form additional reserves. However, they still have enough room for market rate cuts.
The Information statement notes that recently the so-called "mortgage from the developer" has become widespread with extremely low non-market rates up to 0.1%, which may become achieved by overstating the price of the purchased apartment by 20-30%. In this case, developers pay this margin in the form of a commission to the bank to recompense for shortfall in income. Such programs are at risk for borrowers, banks, and also distort the overall statistics, which ultimately hinders the adoption of informed decisions by all participants. Bank of Russia regulation will limit the spread of such schemes and help mitigate risks.
18.04.2023
SIMPLIFICATION OF EMPLOYMENT FOR MINORS: DRAFT LAW ADOPTED IN FIRST READING
The draft law is providing for eliminating the need to obtain the consent of the guardianship and custodianship agencies when employing a person that has reached the age of 14 and has obtained a general education.
To conclude an employment contract with such person, the consent of one of parents or legal representative will be sufficient. Obtaining the consent of the guardianship and custodianship agencies will be required only for the employment of orphans and children left without parental care.
17.04.2023
UPDATED FORM OF THE PROTOCOL - ASSIGNMENT OF A MEDICAL EXAMINATION FOR ALCOHOL INTOXICATION
New forms of an act of examination for the state of alcohol intoxication and a protocol on assignment of a medical examination for the state of intoxication are established.
During the alcohol test, video recording can be used.
14.04.2023
INDIVIDUALS MUST SUBMIT NOTIFICATIONS OF CONTROLLED FOREIGN COMPANIES FOR 2022 BEFORE MAY 2, 2023
May 2 of the current year is set as the deadline for individuals to submit notifications of controlled foreign companies for 2022. Notifications of controlled foreign companies must be filed regardless of the financial performance of such foreign company.
13.04.2023
PRODUCTION AND DISTRIBUTION OF CHILDREN'S FILMS WILL BE FINANCED BY THE STATE
The Law on the Support of Cinematography has been amended to provide for full state funding for the production and distribution of national feature films for children and youth.
Decisions on full financing or on subsidizing of national films from the federal budget, the list of which is established by the Law, are taken by the Ministry of Culture of the Russian Federation. The concept of a film for children and youth is fixed. A ban has been introduced on the privatisation of cinematography organisations specialising in showing films not only for children but also for youth.
12.04.2023
THE STATE WILL SUBSIDIZE THE ADVERTISING OF DOMESTIC PERFUMES, COSMETICS AND HOUSEHOLD CHEMICALS ON THE INTERNET
National Priorities autonomous non-commercial organisation will receive a subsidy for the promotion of consumer non-food products of Russian manufacturers not only on television but also on the Internet. At the same time, only perfumes, cosmetics and household chemicals will be included in such products. It will be eliminated the requirement for no product to be advertised in the year prior to the year in which the subsidy was applied for.
11.04.2023
BANKS ARE ALLOWED TO ISSUE MORTGAGES IN ROUBLES TO CITIZENS OF UNFRIENDLY COUNTRIES
Russian credit institutions are allowed to provide mortgage loans in roubles to individuals originating from unfriendly countries.
10.04.2023
RUSSIAN GOVERNMENT HAS ESTABLISHED THE FEATURES OF PAYMENT OF PENSIONS AND BENEFITS TO RUSSIANS LIVING ABROAD
The Cabinet of Ministers of the Russian Federation has established that pensions, other payments and provision for compulsory social insurance against industrial accidents and occupational diseases, the payment is currently impossible under the sanctions, may be paid to persons living outside of Russia in the following way:
- in the currency of the Russian Federation by crediting to accounts in Russian banks;
- in the currency of the Russian Federation by crediting to bank accounts opened with a foreign bank.
07.04.2023
FOREIGNERS WILL BE ALLOWED TO SELL THEIR BUSINESS IN RUSSIA, SUBJECT TO THE TRANSFER OF PART OF THE FUNDS TO THE BUDGET
Additional conditions for the issuance of permits for the alienation of the assets of Russian companies by foreign persons from unfriendly countries owned these assets have been determined. This is a voluntary direction: to the federal budget at least 10% of half of the market value of these assets or of the entire market value when selling assets with a 90% discount.
06.04.2023
IT IS EXPLAINED WHETHER THE LAW ON PERSONAL DATA APPLIES TO THE ACTIVITIES OF FOREIGN PERSONS PROCESSING INFORMATION OF RUSSIAN CITIZENS ON BEHALF OF THE RUSSIAN OPERATOR
The Federal Service for Supervision of Communications, Information Technology, and Mass Media clarified that the requirements of the Law on Personal Data apply to the activities of foreign persons processing personal data of Russian citizens acting on behalf of a Russian operator.
The obligation to obtain information on data processing issues from the authorities of a foreign state, foreign persons to whom a cross-border transfer of personal data is planned, as well as assessing compliance by such foreign persons with confidentiality and ensuring the security of information during their processing, is assigned to the exclusive competence of the operator.
05.04.2023
RESTRICTIONS ON TRANSFERS ABROAD OF FUNDS OF NON-RESIDENTS FROM UNFRIENDLY COUNTRIES HAVE BEEN EXTENDED FOR ANOTHER SIX MONTHS
From April 1 to October 1, 2023, transfers abroad of funds of non-residents from unfriendly countries are suspended from the accounts of brokers and trustees. Restrictions apply to transfers from accounts of individuals or legal entities opened with Russian brokers and trustees.
04.04.2023
GOVERNMENT ANNOUNCED AN EXPERIMENT ON "AUTO-COORDINATION" OF DRAFT BY-LAWS FROM APRIL 1, 2023
In order to reduce time terms for development and adoption of by-laws, the Cabinet of Ministers has decided to take the next step, and it will be an experiment on the use of the "auto-coordination" principle. This means that if a Ministry or Department violates the terms of consideration, the draft act will automatically be considered agreed and sent to the Government Office.
The experiment will concern draft government regulations prepared by authorities in pursuance of federal laws. The use of this operating principle is not provided for acts in the field of international cooperation, transport and energy security, and the state defence capability.
03.04.2023
PROGRAMS FOR COUNTRY DOCTORS ARE EXTENDED TO HEALTHCARE WORKERS MOVING TO THE NEW REGIONS
Medical workers moving to work in villages, urban-type settlements and small towns of the DPR, LPR, Zaporozhye and Kherson regions will be entitled to financial assistance. Small towns shall mean towns with a population of less than 50 thousand people.
The programs "Zemsky doctor" and "Zemsky paramedic" are extended to such medical professionals. When moving, doctors are entitled to a lump-sum payment of one million roubles, but nurses and other paramedical workers - for 500 thousand roubles.
Contact Us
Leave us a message