26Dec

How will taxes for organizations and sole proprietors using the Simplified System of Taxation (SST) change in 2025?

Organizations and sole proprietors applying the Simplified System of Taxation (SST) will be recognized as VAT payers from 2025 (para 1 of Article 143, paras 2, 3 of Article 346.11 of the Tax Code of the Russian Federation). However, the obligation to pay VAT from 2025 arises if the income recognized in the tax accounting for the previous year […]

Posted by Awara
On December 26, 2024

17Dec

New Corporate Income Tax Rates Beginning in 2025

We remind you that starting on January 1, 2025, the tax rates on corporate income tax will change by virtue of Federal Law No. 176-FZ dated 07/12/2024 “On Amendments to Parts One and Two of the Tax Code of the Russian Federation”. The main innovations affect, among other things, the corporate income tax. At the […]

Posted by Awara
On December 17, 2024

01Sep

Law on Crypto Mining in Russia

Mark your calendars: on November 1, 2024, a bill on the legalization of mining will come into force. This comes as good news for crypto aficionados and businesses battling sanctions alike. Previously, cryptocurrency mining activities were not regulated in any way. It is expected that the innovations will help businesses to bypass sanctions and affect […]

Posted by Awara
On September 1, 2024

25Aug

The Russia-China Payment Challenge. How to Facilitate Cross-Border Transactions in 2024?

With Russia-China relations at a high in 2024, according to Bloomberg about 40% of Russia’s imports and exports are completed in Chinese yuan, a stark increase from nearly zero at the start of 2022. With a $240 billion trade value between Russia and China in 2023, further business development of Chinese entrepreneurs in Russia is to […]

Posted by Awara
On August 25, 2024

12Aug

From January 1, 2025, a Progressive Personal Income Tax Scale with a Maximum Rate of 22% Will Come into Effect

Starting from January 1, 2025, a five-stage progressive personal income tax scale with a maximum rate of 22% will come into effect. Each of the new rates will not apply to the entire income, but only to the amount exceeding the threshold level of the previous level. Please find below the applicable rates and income […]

Posted by Awara
On August 12, 2024

30Jul

Russian Statutory Audit: Criteria, Characteristics, and Penalties in 2024

We want to remind you that every company is required under Russian law to conduct statutory audits of 2024 in cases when: The results of the statutory audit of accounting (financial) statements must be entered in the Unified Federal Register (http://www.fedresurs.ru). To log in and submit information it is necessary to obtain a certificate of electronic […]

Posted by Sergey Minyailo
On July 30, 2024

05Mar

Changes to the Salary Requirements for HQS

From March 1, 2024, the salary requirement for highly qualified foreign specialists (HQS) is changing: instead of 167,000 rubles per month, the value is set at 750,000 rubles (before taxation) per quarter (250,000 rubles per month or 3,000,000 rubles per year). There are few exceptions: they mainly concern medical, pedagogical and scientific workers, as well […]

Posted by Awara
On March 5, 2024

07Feb

Individual’s Cash Flow Statement (CFS) on Foreign Account

If you live in Russia for most of the year (i.e., you are a resident) and you have an account (bank or brokerage) outside of Russia, you may have to send a cash flow statement to the tax authorities. When you don’t have to do anything You don’t have to file a CFS if two […]

Posted by Awara
On February 7, 2024

05Feb

Transfer Pricing Documentation & Reports

We would like to remind you that all Russian companies which performed controlled transactions in the 2023 calendar year must notify the tax authorities by submitting transfer pricing reports by May 20, 2024. Starting from June 1, 2024, tax authorities may request companies to provide the relevant transfer pricing documentation that confirms the transfer prices […]

Posted by Sergey Minyailo
On February 5, 2024

29Jan

Annual General Meetings of a Russian Subsidiary in 2024

Remember to Properly Hold and Document the Annual General Meeting of Shareholders of Your Russian Firm This time of the year all Russian companies should hold Annual Shareholders Meetings. Even when a formal meeting is not held it is important to make proper records and documentation of all shareholders’ decisions. Unfortunately, corporations frequently fail to […]

Posted by Eugene Isaev
On January 29, 2024

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