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About Alinga | |
 19.09.08
Welcome from Alinga! With the crash of the US mortgage market continuing to bring down financial giants in the US and to drag down markets around the world, the effects of the changing markets are just now beginning to come to Russia. Russian financial markets have already been hit with the challenges of Mechel, TNK-BP, and the conflict in Georgia.
Of course, this may be today's main story, but certainly not the only one. In addition to some information on Russia's markets, we've also included an array of stories about recent changes to taxation, legislation, and particularly to the status of foreigners in Russia.
If you have comments, questions, or suggestions on other ways we can improve our site and newsletter, please contact the editor at jwilson@acg.ru! To subscribe to this newsletter, send an email with "Subscribe Alinga" in the subject field to jwilson@acg.ru.
Lodging Expenses May Be Confirmed Without A Hotel Receipt The Federal Arbitration Court ruled that the hotel receipt is not a mandatory document and can be replaced by a hotel bill or a different document.
There is much more "Accounting and Payroll" information available in the Russian version of this same newsletter!
Review Of Recent Changes To Tax-Related Legislation In The Russian Federation This monthly Russian-language service from Alinga and regular feature of the Alinga Market Update is designed to bring your financial personnel a broad view of recent changes to the Russian Tax Code. Forward this link to them!
Demand For Auditing Services In Russia Up By 21.3 Percent The Ministry of Finance reported that the volume of auditing services increased by 21.3 percent in 2007, in comparison to 2006, totaling 41.7 billion rubles.
Exports of oil products will likely be taxed at 80 percent of the crude export duty, compared with the current rate of 35 percent for heavy oil products and 70 percent for light oil products.
Tax Officials Fail To Kill Outsourcing A "tax scheme" uncovered by inspectors turned out to be non-existent.
Expired Products Are No Longer Tax Deductions Russia's Ministry of Finance will no longer recognize expenses related to expired products.
Standards Change For Auditing Activities The new standards establish a method for evaluating the competency and objectivity of professionals, for determining the volume of the work and evaluating the results, and for using references in audit reports.
Refinancing Mortgages Without Losing Tax Deductions On Interest Paid In the past, refinancing of mortgage loans was widely popular but during the last 6 months banks have raised credit rates to match mortgage rates – on average to 12.5-14 percent on ruble loans, and refinancing is no longer profitable.
Value-Added Tax (VAT) Hurts Business In Russia Many blame VAT for the shortage of coal and iron ore in Russian industry and the enormous quantities of lumber that flow abroad rather than being processed domestically.
Purchasing Services From Foreign Entities And Value-Added Tax (VAT) There is no need recalculate VAT if the sum recorded on the date the services are rendered differs from that claimed previously as a result of fluctuating exchange rates.
Government Hears Antimonopoly Measures The version of the new package of legislation seen by Kommersant contains norms aimed at retail chains.
In a recent court case, tax officials argued that their job is to calculate fines according to Article 119 of the Tax Code of the Russian Federation but that their calculations are thrown out in court due to the court's soft-heartedness.
Temporary Board Members May Resolve Corporate Deadlocks The Ministry of Economic Development has developed a bill aimed at resolving deadlocks in board of directors or review boards. In particular, the bill would introduce the institution of temporary board members to Russia.
Central Bank Goes Gangbusters After Third Of All Bank Licenses It is assumed that about 400 banks of the 1125 in existence in Russia today will be unable to meet the new requirements.
Central Bank To Have A Dig At Mortgage The Central Bank of Russia (CBR) focused on the mortgage loans market of the country, ordering banks to report in detail about the quality of given loans, arrears and sources available to refinance the portfolio.
President Medvedev Signs National Anti-Corruption Plan The President's anti-corruption plan has revived many forgotten projects - from holding companies accountable for any bribes offered by their employees, to online auctions for confiscated assets.
Proposed Changes To Import Laws Deputies propose simplifying procedures for importing goods to Special Economic Zones (SEZ).
State Duma Plans For Fall Session The summer vacation is almost over for State Duma deputies. They have a large amount of work waiting for them: they plan to review more than 500 out of about 1,600 initiatives in the fall session.
Find Job Vacancies Here Find Employees Here
Lack of competition as one of the reasons behind stagnation in power structures: renewal of personnel in the corridors of power is inevitable.
Russia's Duma is considering a bill that would set the maximum limits for benefits to be paid in 2009-2011 for leave taken for reasons of disability, pregnancy, or the birth of a child.
As of September 1, the minimum wage in Moscow is 7,650 rubles per month.
Putin concerned over growing emigration of university graduates A data base has been created containing information about scientists and post-graduates who are staying abroad at present, but expressed readiness to return to Russia in order to work in their professions in Russia.
Review of Russian Economic News in English This review is produced monthly by the US-Russia Chamber of Commerce of New England (USRCCNE). Alinga Consulting Group is a USRCCNE member.
The following resource is meant to give readers an overview of recent events and issues surrounding the regional conflict that is now a world event.
Russia Enacts New Law On Foreign Investments In Strategic Areas The bottom line is that these new rules won't actually change the status quo that emerged from Putin's eight years as president.
Kelly Services has predicted that the number of expats working in Russian companies will decrease in the near future.
Quotas On Foreign Employees May Be Cancelled For Large Organizations Officials have previously proposed removing quotas for foreign employees completely – but that has met with some resistance from other officials.
The list consists mostly of business executives, engineers, and also narrowly focused specialists such as biochemists, biophysicists and microbiologists.
There is no plan to raise quotas for invitations to enter the country, as that quota has not yet run out, said a representative of the Ministry of Health.
Outsourcing Now Used By 70 Percent Of European Companies Twenty percent of European businesses are set to increase their level of outsourcing in the next two years, as they increasingly view it as a means to gaining a competitive edge.
The Capital Inflow Will Continue To Grow The capital inflow in Russia will increase by $10 billion annually. This year it will increase to $40 billion, in 2009 - to $50 billion, in 2010 - to $60 billion, and in 2011 - to 70%.
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