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02Apr

The President of Russia Prolonged Non-working Period until the End of April

Vladimir Putin extended non-working period until April 30 with the preservation of wages. This measure is introduced to curb the spread of coronavirus in Russia. The president reported several exceptions The following will continue to work as usual: continuously operating organizations, the suspension of which is impossible due to production and technical conditions; medical institutions […]
  • Posted by Awara
  • On April 2, 2020
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01Apr

Is the Coronavirus Pandemic Force Majeure?

What is force majeure The COVID-19 pandemic and government efforts to curb its spread are challenging for businesses. Companies lose revenue, subcontractors spend a whole week on mandatory leave, there is not enough money to rent space, pay off loans, or pay salaries. Because of these problems companies would be happy to deny contractual obligations. Agreements […]
  • Posted by Awara
  • On April 1, 2020
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20Mar

Due to coronavirus, foreigners are restricted from entering Russia from March 18 to May 1

The order applies to all foreign citizens (including citizens of Belarus) and stateless persons. Also, the Ministry of Internal Affairs of the Russian Federation will temporarily not issue: invitations to enter the Russian Federation permits to hire and use foreign workers work permits for foreigners The Russian Foreign Ministry suspends the issuance and processing of […]
  • Posted by Awara
  • On March 20, 2020
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27Feb

KPMG M&A Overview: In 2019, Foreigners Became More Willing to Invest in Russia

In 2019, economic growth slowed, but this did not affect investor activity ― last year showed the best investment results for the entire duration of the sanctions. KPMG experts calculated that the growth in the number of transactions in the Russian M&A market in 2019 is quite modest ― only 3% ― but the values […]
  • Posted by Awara
  • On February 27, 2020
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13Feb

Transfer Pricing Documentation & Reports

We would like to remind you that all Russian companies which performed controlled transactions in the 2019 calendar year must notify the tax authorities by submitting transfer pricing reports by May 20, 2020. Starting from June 1, 2020, tax authorities may request companies to provide the relevant transfer pricing documentation that confirms the transfer prices […]
  • Posted by Sergey Minyailo
  • On February 13, 2020
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31Jan

As Global Growth Stalls, The Russian Economy is Gathering Momentum

Russia’s New Government Set to Abandon Austerity. GDP Growth Expected to Accelerate. But, Those Global Uncertainties… There’s a lot going for the Russian economy as 2020 kicks into its second month. Russia’s government reshuffle is seen as removing austerity constraints and speeding up the financing of Putin’s ambitious national development programs. In his speech to […]
  • Posted by Jon Hellevig
  • On January 31, 2020
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31Jan

Annual General Meetings of a Russian Subsidiary in 2020

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 31, 2020
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29Jan

Major Changes in Russian Legislation for Business in 2020

CONTENTS Russia Is Switching to Electronic Labor Books There Will Be More Self-employed Workers The list of goods subject to mandatory marking will be expanded Personal income tax for non-residents will be decreased Russia Is Switching to Electronic Labor Books From January 1, 2020, any employee can write an application for the conversion of their […]
  • Posted by Awara
  • On January 29, 2020
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28Jan

Russian Statutory Audit: Criteria, Characteristics, and Penalties in 2020

We want to remind you that every company is required under Russian law to conduct statutory audits of 2020 in cases when: From January 1, 2020 companies no longer need to submit audit reports to statistical authorities, only electronic versions to the tax authorities. The results of the statutory audit of accounting (financial) statements must […]
  • Posted by Sergey Minyailo
  • On January 28, 2020
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