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On June 23, Russian President Vladimir Putin addressed citizens and announced increase in the personal income tax rate to 15% starting January 2021. Such increase will affect individuals whose total annual income exceeds five million rubles and only in the part that exceeds this amount. For example, if a person’s…
Foreigners’ period of stay in Russia is suspended From March 15 till September 15, 2020 the term of the following permits will be automatically suspended: visa; migration card; registration at the place of arrival/residence; However, if foreigner changes place of temporary stay or place of residence, she or he should…
Since June 25, 2020, the highly qualified specialists (HQS) obtained the possibility of a single entry into Russia under the following conditions: • availability of a work permit; • staying abroad. This possibility is set forth in the Parliament’s Decree No. 1671-r dd. June 25, 2020. The following steps need…
The Russian Ministry of communications has proposed to conduct an experiment from July 1 to December 31, 2020 on using electronic passports instead of paper ones. It will be possible to use a specially designed app which is called «Mobile ID». The Ministry of communications will be responsible for designing…
A new Presidential decree amends some provisions regarding foreign citizens. The following permits, which expires from March 15 to September 15, 2020, are automatically prolongated: * Residence/place of stay registration; * Visa; * Migration card; * Temporary/permanent residence permit 2. From June 16 to September 15, 2020 inclusive: * Foreigners…
Time management is one of the top priorities at VALEN. When working on projects, you need 100% concentration and the ability to switch between tasks. At the same time, it is important for us that our colleagues don’t burn out emotionally and recharge their energy outside the office. What are…
Commercial companies usually offer customers and partners not just the products but services as well. It may be the main or associated company’s activity. In any case, if the company provides services, they are subject to accounting. According to the Tax Code a service is an activity, results of which…
Audit according to sectoral accounting standards is a mandatory procedure for companies which are legally bound to comply with sectoral accounting standards. This category includes non-credit financial and microfinance organizations, management companies, and other businesses. For such companies timely and careful reporting is essential part of business legitimacy. Sectoral accounting…
The Mayor of the city, Sergey Sobyanin, has declared that from the 9th of June the self-isolation regime in Moscow is canceled. It means that all citizens (including people who are older than 65 years old) can freely walk around the city without making digital passes. Also, the following restrictions…
Adoption of new Regulation is caused by legislative amendments in the sphere of issuing securities, which are aimed at simplification of that procedure. Legislative amendments significantly simplify the procedure of preparation documents necessary for emission, submission of documents mentioned for registration to the Central Bank and generally makes easier to…
According to legislation, a contract is an agreement of two or more persons include civil rights and responsibilities. Conclusion of contract entails to establishment of a legal connection between parties to agreement. Therefore, in contractual relationship, subjective rights and obligations of parties are realized. An agreement implies contractual obligations: one…
Professional accounting will allow business owners to make decisions without taking unnecessary risk and will protect them from penalties which may be imposed by tax and other inspection authorities. Accounting services imply several directions of work. The first one is reporting and taxation which includes the following tasks: Forming and…
Checking accounting documentation is an important procedure aimed at preventing errors. Inaccuracies and errors in the papers arise for various reasons: due to negligence, insufficient qualifications of personnel, overwork of employees, computer malfunctions. It is possible to identify errors when calculating totals and when distributing documents by registers. Therefore, all primary documents received by the finance department undergo mandatory verification of accounting documentation. Experts evaluate the forms and contents of the papers. In the first case, they check whether the details are filled in correctly, whether there are signatures, whether other formal requirements are met.
According to recent legislative amendments, companies with more than 49% of foreign ownership have also been given an opportunity to get status of small or medium sized-enterprise. For this, it is necessary to confirm that foreign participant owning more than 49% shares of Russian company is located outside the offshore…
With the introduction of high-alert regime, the authorities promised to suspend control measures for businesses, but tax authorities did not stop working. At the same time, the work of tax authorities continues taking into account the following measures: The reporting deadlines are postponed for all companies, but differ depending on…
On May 21, Mayor of Moscow was signed a Decree on new concessions to the self-isolation regime as part of the first phase of lifting restrictions. Earlier it was allowed to start functioning to industrial and construction organizations. Starting May 25, 2020, the work of the following public organizations resumes:…
