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29Aug

20 Years Anniversary in Russia

August 2018 marks a special anniversary for our company. 20 years ago we started to support our clients in Russia, with the foundation of the Awara group of companies. Since that time a lot has changed. We have increased the number of our employees and clients significantly and expanded our activities. Though, our principles have […]
25Jul

VAT rate in Russia will be increased from 18% to 20% as of January 1, 2019

Vladimir Putin signed a bill increasing the rate of Value Added Tax from 18% to 20%. The increase will be effective starting from January 1, 2019. At the same time, Russia will keep the current reduced VAT rates (10% and 0%) for socially important goods and services. Thus, by the end of 2019 the budget […]
26Jun

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, […]
22Jun

Russia’s Q1 GDP growth was 5.8%, but government reports 1.3%

Having successfully adapted to the sanctions onslaught and fueled by growing oil prices Russia’s GDP surged in real terms by 5.8% in the first quarter of 2018. But the Russian government has decided to downplay the success by reporting an understated GDP growth of merely 1.3% even in the face of a string of other […]
18Jun

Reminder: Notification on the Membership in a Multinational Enterprise Groups and Country-By-Country Data

In the beginning of 2018 Russia began automatic exchange of tax information under the OECD Convention (Organization for Economic Co-Operation and Development) and introduced new reporting requirements for members of multinational enterprise (MNE) groups. What companies does the new law apply to? The new reporting must be filed by MNE groups with consolidated revenue over […]
04Jun

Public Disclosure of Russian Companies Data Is Postponed

The Russian Federal Tax Service has postponed the launch of the “Transparent Business” project until August 1, 2018. The public disclosure of corporate data (except secret tax information) was to have been launched on June 1, 2018. The Tax Service plans to publish the data of all Russian firms. There’s however one exception: companies which […]
31May

Major Changes in Russian Legislation for Business in 2018

CONTENTS Tax benefits for Russian companies engaged in training of high skilled workers Labor inspections in 2018 Tax on corporate movable property in 2018 Investment tax deduction in regions International automatic exchange of tax information Reimbursement of travel expenses Tax benefits for Russian companies engaged in training of high skilled workers According to the new […]
17May

Russian Statutory Audit — Choose Your Auditor for 2018

Awara advises selecting an auditor of financial statements for 2018 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 2018 in cases when: As of 01.10.2016 audit results become public This change affects all companies subject to statutory audit, and […]
16May

Registration of foreign citizens during FIFA World Cup 2018 in Russia

While Russia prepares for the main sport event of this summer, FIFA World Cup 2018, foreigners (including tourists, foreign employees, and other visitors) should remember about the temporary change in the migration rules. The new regulation will be effective starting from May 25, 2018 till July 25, 2018 and apply to the cities which will […]
25Apr

Amendments to Russian legislation on currency regulation and control

Local and foreign companies in Russia that perform international business activities should draw their attention to the latest amendments to the currency regulation which will come into effect on May 14, 2018. Main changes: When making foreign trade contracts Russian companies will be obliged to include the following provisions: payment terms (including advance payment), period […]