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The Ministry of Digital Development has published a draft law on a digital passport, it is planned that the digital version will be equal in legal force to the paper one. This initiative has been repeatedly put forward by various executive authorities, the introduction of this technology has been actively…
In April 2023, new features from Russian government agencies will get started, which we will express in more details below. Simplifications by the Federal Tax Service One of the areas that has received a lot of attention in recent years is facilitating the interaction of taxpayers with tax authorities. One…
Payment in the amount of 5% of the market value of the business must be made to the budget by foreign companies from unfriendly countries in the event of the sale of their assets in Russia. Prior to this change, it was necessary to make 10% of the transaction size….
The Federal Notary Chamber notes the growth of transactions made remotely with the participation of two or more notaries. At the beginning of 2023, more remote transactions were made than in the whole of 2021. This notarial action was introduced in 2021 and with its help it is possible to…
The Russian Ministry of Finance has come up with a proposal to suspend double tax treaties as a response to countries that have introduced unilateral economic measures against Russia, as well as to include Russia on the EU tax black list. Double taxation is a situation where income is taxed…
Due diligence is an essential component of any financial transaction, especially regarding corporate finance. In a few words, due diligence is a process of conducting a comprehensive investigation, audit or review of a transaction or investment opportunity before finalizing a deal. The goal of due diligence is to identify potential risks and opportunities, as well as to ensure that the parties involved have all the information, they need to make an informed decision. In this article, we will explore the concept of due diligence in more detail, including its definition, the types of due diligence, and its significance for corporate finance and business transactions.
Until 2022, the parties to the agreement provided for an arbitration clause, in which they most often chose English law to resolve disputes. In the current situation, for similar purposes, Russian companies most often choose Russian law, and do not so actively apply to Western arbitration institutions, such as the…
The Ministry of Economic Development of Russia stated that representatives of Russia and Iran are interested in increasing the pace of work on creating a regulatory framework for cooperation in the trade sphere. The Russian-Iranian Working Group on Cooperation notes the development in the field of transport and logistics, as…
Since the introduction of sanctions, the Russian market has faced the exit of many foreign companies and brands. However, according to experts, they left in such a way that in the future they would return and resume their activities, as evidenced, for example, by the preservation of assets in Russia….
The Federal Tax Service has adopted a new order that regulates the verification of the reliability of information in the Unified State Register of Legal Entities. Thus, the order establishes: • grounds for verification, • its conditions, • methods of conducting, • the procedure for using the results of verification…
A bunch of new regulations regarding countersanctions, parallel import, employment etc. became effective in February 2023. Сountersanctions The President of Russia issued a decree as the response to the Russian oil price cap which became effective 01.02.2023. It prohibits foreign organizations and individuals to conclude oil and petroleum products supply…
A machine-readable power of attorney is an innovation in the law, which began to be applied in 2023, so far in test mode. Such a power of attorney will allow interacting with electronic document management and electronic signature not only for company executives and individual entrepreneurs, but also for other…
Our company offers you a comprehensive Enhanced Due Diligence (EDD) service. This check is necessary to minimize the risks when you enter into a deal for large amounts of money. Similar checks are almost always carried out before entering into a deal with any counterparty, but EDD has a peculiarity: it provides a more detailed and thorough check of risky counterparties. Therefore, the first thing is to determine whether a potential partner can be classified as a risky one. And the KYC mechanism (know your customer) is used for this. This technique was developed and implemented by the FATF (Financial Action Task Force on Money Laundering). FATF is an intergovernmental organization that develops global standards in the field of combating money laundering and the financing of terrorism (AML/CFT), it also evaluates the compliance of national AML/CFT systems with these standards.
To date, NFTs have been actively used on the market. In the virtual economy, NFTs are used to confirm the ownership of digital assets and the right to use them. What is NFT? NFT is a non-fungible token, in simple words, a unit of accounting that does not have copies,…
The service sector is an industry with many components of the economy and management. Commercial companies, individual entrepreneurs, and businessmen carry out their activity in this area. New opportunities and forms of ownership appear: The Internet, network marketing etc. Therefore, accountants have many problematic situations.
