Windfall tax for major companies to be introduced in Russia
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31.08.2023
CONDITIONS FOR PAYING DIVIDENDS TO BE MITIGATED FOR FOREIGN INVESTORS IN THE RUSSIAN ECONOMY
The Russian Ministry of Finance in coordination with the Bank of Russia announced liberalization of previously established restrictions related to the payment of dividends to foreigners investing in the Russian economy.
This decision has already been taken into account by the Subcommittee of the Governmental Commission for Control over Foreign Investments in the Russian Federation.
It is now possible to issue permits to residents to pay dividends to foreign creditors from unfriendly countries, provided that such creditors made investments in the Russian economy after April 1, 2023 (including the expansion of production volume and development of new technologies). Dividends to be paid in an amount not exceeding the amount of investment (previously - no more than 50% of profit).
30.08.2023
UNTIL 2030, LEGAL ENTITIES ARE EXEMPTED FROM THE OBLIGATION TO POST INFORMATION ON LICENSES IN THE FEDERAL RESOURCE
Government of the Russian Federation adopted a decision providing for postponement, until 2030, of the requirement to post information on the Federal Resource on obtaining, reissuing and terminating a licence to carry out a specific type of activity (except for information on licenses to carry out activities related to protection of state secrets). The above requirement will not apply with respect to legal entities recognised as licensees in accordance with Item 6 of Article 3 of the Law on Licensing Certain Types of Activities.
29.08.2023
PERSONAL INCOME TAX DEDUCTIONS FROM 2024: MEDICAL ORGANISATIONS WILL PROVIDE INFORMATION ON PAYMENT FOR TREATMENT DIRECTLY TO THE TAX OFFICE
From January 1, 2024, amendments are made to the procedure for providing social tax deductions for personal income tax for medical services.
Thus, it is planned to introduce a unified document confirming the taxpayer's expenses for the medical services provided, replacing all documents confirming the right to a deduction and issued now. It also provides for the possibility of sending information on the costs of medical services to the tax authority directly by organisations providing medical services.
28.08.2023
ISSUANCE AND MAINTENANCE OF PERSONAL MEDICAL RECORDS ON PAPER IS ALLOWED UNTIL SEPTEMBER 2024
The Government of the Russian Federation has postponed transition to electronic personal medical books.
It has been established that until September 1, 2024, it is allowed to issue and maintain personal medical books on paper, drawn up on forms and in the form that were used before September 1, 2023. In this case, the information must be entered in the previously formed register of issued personal medical books.
25.08.2023
KEY RATE INCREASED TO 12% PER ANNUM
The Bank of Russia decided to raise the key rate from 8.5% to 12% per annum from August 15, 2023.
This decision was taken to limit the risks of price stability and create conditions for the return of annual inflation to 4% in 2024.
24.08.2023
THE VALIDITY OF CERTAIN PROVISIONS OF AGREEMENTS ON THE AVOIDANCE OF DOUBLE TAXATION WITH 38 UNFRIENDLY COUNTRIES HAS BEEN SUSPENDED
On August 8, the President of the Russian Federation signed a Decree, which suspended the operation of certain provisions of international treaties of the Russian Federation on taxation with 38 unfriendly countries. The USA, Canada, Great Britain, Italy, Spain, Germany, France, Finland, Montenegro and others are among them. Thus, in particular, provisions are suspended that determine the procedure for taxing income from copyrights and licences, from employment, from the sale of real estate, taxation of interest received, dividends, property.
23.08.2023
OBLIGATIONS UNDER STATE GUARANTEES PROVIDED IN FOREIGN CURRENCY WILL BE FULFILLED IN ROUBLES
The President established a special procedure for fulfilling the obligations of the Russian Federation under state guarantees provided in foreign currency. Obligations under such a state guarantee are fulfilled in roubles with the consent of the beneficiary, which can be both Russian and foreign persons, as well as international financial organisations.
22.08.2023
FEDERAL TAX SERVICE NAMED KEY AMENDMENTS TO THE LAW ON DIGITAL SIGNATURES
Until August 31, 2024, qualified certificates for employees of legal entities without providing a machine-readable power of attorney will be effective.
Foreign digital signatures may be recognized as enhanced based on an agreement between the participants in a cross-border transaction.
From September 1, 2023, the Certification Center of the Federal Tax Service issues qualified certificates for branches and representative offices of foreign companies.
21.08.2023
ROSKOMNADZOR GAVE A NUMBER OF RECOMMENDATIONS TO PREVENT LEAKAGE OF PERSONAL DATA
Roskomnadzor recommends that personal data operators collect and process only the information that is really necessary for rendering services, sales of goods, and other activities. Each category of data should be stored separately. Accumulating data "de bene esse", as well as formation of customer profiles, should be abandoned.
It is necessary to inform Roskomnadzor in due time of signs and (or) incidents that have resulted (possibly caused) the dissemination of personal data.
18.08.2023
INCORPORATION ARRANGEMENT WILL HELP TRANSFER FOREIGN ASSETS TO THE COUNTRY
The amendments will allow the creation of international companies by incorporation in special administrative regions. This will help speed up the transfer to Russia of foreign assets of firms that are now hampered by sanctions.
Founders of an international company will have to transfer to it business assets worth at least RUB 800 million within a year from the date of its state registration.
Special Administrative Regions appeared in August 2018 on Russky Island (Primorsky Territory) and Oktyabrsky Island (Kaliningrad Region). The main purpose of their creation is the deoffshorization of foreign holdings that are under the control of Russians who own assets in the Russian Federation.
17.08.2023
UPDATES: LIST OF DOMESTIC SOFTWARE PRE-INSTALLED ON SMARTPHONES, TABLETS, COMPUTERS OR TVS
The RF Government has determined the list of Russian programs that are subject to pre-installation on smartphones, tablet and desktop computers, TVs with a digital control unit in 2024.
Innovations: Dzen is provided as a news aggregator (instead of Mail.ru News). Rutube is instead of OK Live for access to online broadcasts and content posted by users.
Yandex Browser is additionally included in the list of programs pre-installed on TVs, as well as a number of new audiovisual services.
16.08.2023
AMENDMENTS TO LEGISLATION ON SPECIAL ECONOMIC ZONES
Mechanisms for creating and managing special economic zones (SEZs) have been adjusted, and the procedure for obtaining the status of a SEZ resident has been simplified.
Possibility is provided for liquidating the SEZ if its activities are recognized as ineffective for 5 subsequent years.
Participation of foreign investors in the management company of the SEZ is limited.
15.08.2023
LIST OF GOODS FOR PARALLEL IMPORT: UPDATES
Ministry of Industry and Trade has approved a new list of foreign-made goods that are allowed to be imported into the country without the consent of the right holders.
14.08.2023
NEW RULES: OSAGO AGREEMENT FOR A PERIOD OF ONE DAY TO THREE MONTHS
It is allowed to conclude an OSAGO agreement for a period of one day to three months (short-term agreement). Insurers should set decreasing coefficients for insurance rates depending on the validity period of a short-term OSAGO contract.
11.08.2023
FINANCIAL MARKET ORGANISATIONS SHOULD COORDINATE THE PURCHASE OF FOREIGN SOFTWARE WITH THE BANK OF RUSSIA
Customers that undertake procurement in accordance with Federal Law No. 223-FZ of July 18, 2011 are not entitled to purchase foreign software for significant objects of critical information infrastructure without the consent of an authorised government body in accordance with Decree of the President of the Russian Federation No. 166 of March 30, 2022 on Measures to Attain Technological Independence and Security of Critical Information Infrastructure of the Russian Federation.
The draft Presidential Decree on Amendments to Decree of the President of the Russian Federation No. 166 of March 30, 2022 specifies that organisations operating in the banking sector or other areas of the financial market must coordinate such purchases with the Bank of Russia.
10.08.2023
PRESIDENT HAS CANCELLED THE MANDATORY SALE OF FOREIGN EXCHANGE EARNINGS (WHEN EXPORTING SERVICES AND WORKS)
Now, it is established that when exporting services and works within the framework of intergovernmental agreements, exporters may not sell foreign currency and transfer it to the accounts of suppliers of such services and works in Russian and foreign banks.
09.08.2023
SOCIAL MEDIA OWNERS FACE SEVERE FINES FOR VIOLATING LEGAL OBLIGATIONS
An administrative liability is introduced from September 1, 2023:
- for non-fulfilment of duties by the owner of the social networking website;
- for non-compliance by the owner of the social networking website with the instructions of the Federal Service for Supervision in the Sphere of Telecom, Information Technologies and Mass Communications (Roskomnadzor).
Individuals or legal entities will be fined for failure to provide data to Roskomnadzor that would identify the owners of not only the news aggregator or audiovisual service but also owners of social networking websites or audio-visual services, and (or) other information necessary to maintain the relevant registers.
08.08.2023
DIGITAL ROUBLE: NEW FINANCIAL INSTRUMENT IN THE RUSSIAN PAYMENT SYSTEM
Last week, amendments were endorsed to the Civil Code of the Russian Federation and a number of other legislative acts aimed at creating the basis for introduction of the digital rouble and implementation of non-cash payments in digital roubles.
It will not be possible to open a deposit and receive a loan in digital roubles, and no interest to be charged on balances in digital wallets.
07.08.2023
FEDERAL STATE INFORMATION SYSTEM FOR MONITORING THE ENVIRONMENT TO BE CREATED IN RUSSIA
The State Duma immediately adopted in the second and third readings a law providing for creation in Russia of an integrated information system for monitoring the environment.
The procedure for creation, operation and development of the FSIS to be determined by the Government. The RF Ministry of Natural Resources will act as a customer, while the Russian Environmental Operator will acts as an operator. Access for posting information will be possible through the Unified identification and authentication system (ESIA).
04.08.2023
FROM SEPTEMBER 1, 2023, MECHANISM FOR ANTIMONOPOLY REGULATION OF MARKETPLACES IS INTRODUCED
The amendments concern the activities of online trading aggregators.
It was decided to consolidate the concept of "network effect". This is a property of the commodity market (commodity markets), in which the consumer value of a digital platform that ensures transactions between sellers and buyers changes depending on the change in the number of such sellers or buyers.
The criteria for the dominant position of such business entities are determined.
03.08.2023
LAW ON THE DIGITAL ROUBLE HAS BEEN SIGNED
The digital rouble is classified as non-cash money. Payments can be made, among other things, by settlements in digital roubles on the territory of Russia. The Bank of Russia transfers them within a special platform.
Forms of payments in digital roubles will be established by the legislation on the national payment system.
02.08.2023
OBLIGATORY AUDIT IS NO MORE NECESSARY FOR ACCOUNTING RECORDS OF INVESTMENT ADVISERS
Starting from the reporting for 2022, the mandatory audit to be cancelled for the accounting (financial) statements of investment advisors engaged in investment consulting only, as well as combining such activity with any other activity that is not subject to licensing.
Mandatory audit is still necessary if the reporting is exempted from it on one of the grounds provided for by the law, but is subject to mandatory audit on another basis.
01.08.2023
LIST OF CHECKPOINTS FOR ENTRY/EXIT OF FOREIGNERS ON A SINGLE ELECTRONIC VISA HAS BEEN EXPANDED
The Government of the Russian Federation has supplemented the list of checkpoints across the state border for the entry and exit of foreigners on the basis of a single electronic visa. The automobile checkpoints Solovyovsk and Starotsurukhaituysky, the railway checkpoints Zabaikalsk and Naushki, the sea checkpoints Magadan and Nikolaevsk-on-Amur, the mixed checkpoints Amurzet and Pokrovka are included in the list.
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