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15Mar

Transfer Pricing Documentation & Reports

We would like to remind you that all Russian companies which performed controlled transactions in the 2018 calendar year must notify the tax authorities by submitting transfer pricing reports by May 20, 2019. Starting from June 1, 2019, tax authorities may request companies to provide the relevant transfer pricing documentation that confirms the transfer prices […]
25Feb

Annual General Meetings of a Russian Subsidiary

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 […]
20Feb

Russian Statutory Audit — Choose Your Auditor for 2019

Awara advises selecting an auditor of financial statements for 2019 and recommends making a choice right now. We want to remind you that every company is required under Russian law to conduct statutory audits of 2019 in cases when: From January 1, 2020 companies no longer need to submit audit reports to statistical authorities, only electronic […]
08Feb

Awara Assists with 2018 Individual Tax Returns

Plan Your Filings in Advance We are glad to offer our services aimed at simplifying the process of filing tax declarations. The main issues associated with this process are described below. While most taxpayers do not need to file tax returns in Russia, some categories of taxpayers do have to file tax return forms annually […]
31Jan

What Reporting Are Participants of International Companies Required to Submit in 2019

Who Is Required to Submit the Additional Reporting From 2018, Russian organizations that are part of international groups of companies must annually submit additional documentation to the tax authorities ― the so-called “three-level reporting” on transfer pricing.[1] This includes: notice of participation in an international group of companies; country data on such international group of […]
25Jan

Problems of Determining the Legal Status of the Self-Employed When Imposing Tax on Professional Income

Currently in Russia there is a fairly large category of the population working “for themselves.” We are talking about the so-called “self-employed”, who receive income from providing services to citizens without registering as individual entrepreneurs, or from the use of personal property. This includes babysitters, maids, housekeepers, designers, cooks, tutors, private drivers, dressmakers, photographers, hairdressers, […]
14Jan

Scheduled inspections for Russian businesses in 2019

Every year the Prosecutor General’s Office of the Russian Federation publishes a list of companies that are subject for scheduled state inspections. You can find the inspection plan for 2019 here. Please also note that apart from the official plan, a number of unscheduled spot checks (e.g. a tax inspection) may be initiated by the state […]
28Nov

Don’t Lose Revenue in 2019 Because of a New VAT Rate

Due to Inaccurate Specification of Prices in Contracts Your Revenue Could Be at Risk. Check the Terms of Pricing in Your Agreements in the Context of Increasing the Tax Rate of VAT up to 20% Starting from January 1, 2019, the VAT rate will be set at 20% instead of 18%.[1] The new rate applies […]
22Oct

The Government Is Preparing a Series of Measures to Improve Business Climate

Doing business in Russia will become easier: the Ministry of Economic Development, with the participation of entrepreneurs, has prepared a set of measures within the framework of the Transformation of Business Climate Plan (TBC). This project is not temporary: every six months the list will be updated with new initiatives. Already the first package of […]
03Oct

Ensure Your Foreign Employees Are Registered in Compliance with Migration Regulation Requirements

President Vladimir Putin signed the draft law on introducing changes to the procedure for migration registration of foreign citizens in Russia. It specifies the address at which a foreign national or a stateless person must register after coming to Russia, as well as who is responsible for the registration procedure. Residence address Under the law, […]