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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 […]
15Apr

Signs that the US Debt-Fueled Economy Might Actually Collapse

An Awara Accounting Study on US Economy 2018: Signs that the US Debt-Fueled Economy Might Actually Collapse Main findings: US debt-to-GDP to reach 140% by 2024 Net increase in debt could be as enormous as $10 to 15 trillion in just five years 2019 to 2024 Federal budget interest expenditure could reach $1.5 trillion by […]
28Mar

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 […]
26Mar

Transfer Pricing Documentation & Reports

We would like to remind you that all Russian companies which performed controlled transactions in the 2017 calendar year must notify the tax authorities by submitting transfer pricing reports by May 20, 2018. Starting from June 1, 2018, tax authorities may request companies to provide the relevant transfer pricing documentation that confirms the transfer prices […]
15Mar

Russia launched its own “LinkedIn”

Today, the Federal Service for Labour and Employment of Russia (Rostrud) opened access to skillsnet.ru – a Russian professional networking platform powered by Rabota v Rossii (Work in Russia) employment web portal. The main idea is to develop skillsnet.ru to become the Russian alternative of the blocked LinkedIn. The new platform will host user profiles […]