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About Alinga | |
 09.01.09
Welcome from Alinga! Our first analytical edition of the sure-to-be-eventful year of 2009 concentrates on foreigners in Russia. While the end of 2008 saw an exodus of foreign capital and employees from Russia, a quick poll of our partners and clients seems to indicate that most foreign-owned businesses are finding ways to remain on the market and many are even hoping to come out of the crisis stronger than before.
This issue contains many articles to help you and your business ride out this storm – with timely articles on strategic cost management, optimizing financing received from a related company abroad, as well as numerous articles on simply living and working as a foreigner in Russia.
If you would like a printed copy of this publication in Russian and English for your office, simply let us know. Our first issue, on real estate in Russia, is also still available in PDF and in hard copy to a limited number of those who would like to request them. We'd also love to hear from you if you have comments on the crisis, on being a foreigner working or living in Russia or if you have any questions or comments on our publications or services. To subscribe to this electronic version of this newsletter, send an email with "Subscribe Alinga" in the subject field to jwilson@acg.ru.
Official Days Off In Russia For 2009 Official days off have been announced for 2009. See our quick reference guide for the 2009 holidays.
The growing pressures of global competition and technological innovation have made cost management much more critical than ever before. Most businesses understand the importance of controlling costs, especially at times when a cloud of uncertainty penetrates the market or during times when cash is tight.
Every commercial entity faces legal responsibilities as a tax payer – and as a tax agent. While all entities in Russia act as tax agents for employees in the paying of personal income tax, the situation is not so common in regard to VAT, profit tax, and other taxes. Mistakes in fulfilling the duties of tax agent in these fields are perhaps more common, and can carry with them heavy consequences. This article (available in Russian only) examines when a company must act as a tax agent and details the responsibilities related to this status. This information is particularly important for your accounts, lawyers, and anyone else involved in fulfilling your company's tax responsibilities. Forward this link to them!
Raising capital presents companies everywhere with challenges. Generally speaking, companies seek financing either through equity (privately-held stakes or public share placements) or through loan facilities. The latter offers significant tax advantages, as interest payments are tax-deductible expenses in most countries – including in Russia. However, in the event a company in Russia seeks debt financing from its owners, thin capitalization rules can prove highly problematic from the standpoint of Russian tax legislation.
Anti-Crisis Changes To Russia’s Tax Legislation New anti-crisis changes to Russia’s tax legislation have already come into force. Federal Law # 224 from November 26, 2008 was published in "Rossiyskaya Gazeta" on November 27, 2008. This article presents quick summary and analysis of that law.
Declaring Personal Income Tax In The Russian Federation The most up-to-date with information on declaring personal income tax in Russia - with a focus on foreigner's responsibilities.
Convergence or Conversion? Let's Be Clear The full English-language version of this article on the "convergence" of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP) originally appeared in Strategic Finance Magazine, December 2007. Alinga Consulting Group has obtained rights to produce and publish a Russian translation of this article for the benefit of your Russian-speaking auditors and accountants. Forward this link to them!
Alexander Kulikov, an accountant with Alinga, has systematized information to help your professionals avoid some of the most common violations. This article is presented in Russian. Email this link to your legal department.
The legal status of foreign individuals in Russia, as in any country, is regulated by national legislation. Most countries assume that any citizen traveling to another country, whether to sightsee or to open a business, is responsible for knowing and following the rules of the country to which they are traveling.
Find Job Vacancies Here Find Employees Here
Even as a good number of westerners working in Russia's financial markets are packing their bags and heading home as lay-offs sweep that industry, foreign workers as a whole make up a large percentage of the Russian work force and are likely to remain a strong presence in Russia due to demographic and economic pressures. Considering the impact that foreigners make on the Russian labor market, it is important to understand the motives of those who come to work in Russia, especially for those HR and top managers who are responsible for hiring and managing them.
To build a successful professional services business, the challenges of working from different offices, different countries, and different cultures must be overcome. To do so, employees must be culturally conscious in building effective skills at communicating via telephone and email. The management of a company also holds responsibilities to create an environment in which communication is encouraged and facilitated.
This article written by ExpatCPA, a U.S. based certified public accounting firm dedicated to serving the American expatriate community around the world, was submitted to Market Update to assist US taxpayers currently living in Russia.
Residency And Citizenship – Privileges Held By Foreigners Married To Russian Citizens An increasing number of foreigners married to Russian citizens are now choosing to live in Russia, rather than move the new family to another country. As the spouses of Russian citizens they are entitled to certain legal privileges that other foreigners are not.
A business breakfast panel discussion organized by Alinga Consulting Group recently took a look at how 1998 compares with the 2008. Find out more and download the presentations here!
Have questions on any issue above? Ask the Expert! More about services from Alinga Consulting Group
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