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Ministry of Finance proposes following amendments to Russian tax legislation: Criteria for recognizing citizens as tax residents will change. Now in Russia it is necessary to spend less than 183 days a year in order not to be considered as Russian tax resident and not to pay taxes. According to…
Minister of Finance suggested that fines should not be applied to small and medium-sized companies if they committed an offense for the first time. If inspection body identifies an offense that was voluntarily eliminated by the company, in this case it should receive a warning only. Relevant practice will have…
On July 26, 2019, Russian Central Bank has published recommendations that can help companies to avoid blocking of their assets. Account can be blocked, if bank will suspect company in money laundering. The recommendations of the Central Bank are: Always communicate tax authorities and your bank about changes in the…
The Russian State Duma has adopted amendments to Law on «legal status of foreign citizens in Russia» and a number of other legal acts of the Russian Federation in simplifying the procedure of granting a residence permit and a temporary residence permit to certain categories of foreign citizens. The bill…
On July 15, 2019 the Russian Government introduced a draft law that will change the Law on notaries. Due to this draft law, companies and individuals will be able to receive some notarial services remotely, in electronic form. The list of such services includes: A certification of documents translation; Securing…
Lawyers start to develop the system of taxation of digital assets. The preparation of this system is going to be realized before the adoption of a special law in order to avoid problems in practice when applying the General rules of taxation on the matter of virtual assets. The meeting…
In June 2019 Valen opened partner office in Munich, thereby strengthening the company’s presence in Germany. Similarly to the head office in Moscow, partner office will be specialized on the practices of corporate, civil and agreement law, as well as provide services related to tax consulting. New office address –…
President of the Russian Federation Vladimir Putin has ordered introduction of a universal single-entry e-visa for foreigners arriving in Russia from 1 January 2021. E-visas will be single-entry and short-term, for up to 16 days. In addition, this visa will be universal: its holder will be able to enter the…
Current Russian Civil Code states that exclusive intellectual property right may belong to one person or to several persons jointly. It means that if intellectual property has several proprietors, they are entitled to dispose of it only in a joint tenancy mode, i.e. it is necessary to obtain consent of…
New rules for paying “Google tax” – VAT that is paid by foreign companies which provide electronic services to Russian customers – have entered into force in Russia since January 1, 2019. Previously this tax was paid by the customers instead of foreign companies-sellers. Now, according to the new rules,…
System of financial messages transfer (SFMT), Russian analogue to SWIFT, is in operation since late 2014. Almost 400 companies have been connected to it as at April 2019. According to current legislation, only Russian banks and their clients as well as foreign credit institutions and international organizations could be SFMT-members…
When digital financial assets appeared in Russia, the Central Bank and the Ministry of Finance defined them as highly risky money surrogate without legal protection and proposed to ban them in Russia. However, such position did not significantly affect the development of digital assets in Russia, and this development was…
Ministry of Finance will not extend Amnesty of capitals after March 01, 2019 on previous conditions. According to new rules the guarantees will be provided for one more year to investors who transfer their assets to special administrative districts in Russia. As the Deputy Minister of Finance explained, such investors…
Due to new obligation for e-services providers to get registered in Tax authorities, a lot of companies asked us for support on this matter. VALEN law firm has successfully registered a lot of clients as VAT-payers for providing e-services. Since January 01, 2019 foreign companies providing e-services for companies and…
President Vladimir Putin suggested to exempt perpetrators of crimes from criminal liability if they fully compensate material losses to the victim. This innovation will affect following crimes: credit and insurance fraud or fraud using electronic payment systems; fraud in business activity; copyright abuse; patent infringement and others. Also suggested to…
