The President of the Russian Federation recently signed Decree No. 254 of 4 May 2022 (“Decree No. 254”) [1]. Adding to measures already taken, Decree No. 254 establishes, from 4 May 2022, a temporary procedure for fulfilling obligations to pay profits of resident LLCs, business partnerships, and production cooperatives to their foreign participants who are from […]
A draft law (the “Law”)[1] providing for amendments to the Law “On Protection of Consumer Rights”[2] has been submitted to the State Duma. According to the State Duma’s website,[3] the Law is scheduled to take effect on 1 September 2022. The purpose of the Law is to limit forcible, non-transparent or unintentional collection of consumers’
State Duma approves law suppressing forced collection of personal data Read More »
On 18 March 2022 the Russian President signed a decree on additional economic measures that introduces new restrictions on currency transactions[1]. Specifically, the decree prohibits the following cross-border transactions from being consummated in 2022 without special permission from Russia’s Central Bank: for a resident to pay for a participation interest, contribution or share in property
Exchange controls 3.0 Read More »
On 14 March, a decision of the governmental commission for monitoring foreign investments (the ‘Governmental Commission’) was published on the website of the Russian Ministry of Finance providing for certain exceptions to the previously introduced prohibition on residents crediting foreign currency to foreign accounts. According to the new rules, foreign currency can be credited to
Permission to transfer foreign currency to foreign accounts Read More »
It should be recalled that on the 1st of March 2022, a Presidential Decree[1] came into force, which provides for the introduction from 02 March 2022 of a special procedure for transactions by residents of the Russian Federation entailing the emergence of title to immovable property with persons from “unfriendly” countries[2] Explanations from the Bank
On 2 March 2022, the Russian President signed a Decree[1] to promote the accelerated development of the IT sector in Russia. The benefits are aimed at encouraging and supporting domestic developers of mobile applications and companies engaged in implementing, installing and testing locally produced IT solutions. Only companies accredited by the Russian Ministry of Digital Development,
Emergency benefits for the IT sector Read More »
On 28 February 2022, the Russian President signed a decree [1] that puts in place a series of currency restrictions in response to the economic sanctions imposed by the European Union, the United States and other countries in connection with the escalation of the situation in Ukraine (the “Decree”). The currency countermeasures include: the requirement
Currency countermeasures in the Russian President’s decrees Read More »
In December 2021, within a civil-law reform, amendments to the Russian Civil Code relating to the regulation of immovable property were adopted[1]. In particular, as of 1 March 2023[2] the general part of the Civil Code will gain two new chapters: (1) on immovable property (a description of the main real estate objects and how they are
Amendments to the Russian Civil Code on immovable things and rights to them Read More »
State Cadastral Registration and State Registration of Real Estate Major changes in the state registration of real estate For more detail see one of our past alerts. Procedure for deregistration of objects that have ceased to exist simplified Rosreestr developed Order P/0217 of 24 May 2021 “On establishing the form and scope of information of the
Changes in legislation – Summer/Autumn 2021 Read More »
Background In 2015, the Organization for Economic Co-operation and Development (the ‘OECD’) first presented its comprehensive Action Plan on Base Erosion and Profit Shifting, abbreviated to the ‘BEPS’. At present, many of the initiatives proposed within the context of the BEPS have been successfully implemented. Specifically, Russian tax legislation has been modified to incorporate provisions
Pillar 1 and Pillar 2: is this the end of tax planning for multinational enterprises? Read More »
