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 04.10.08
Welcome from Alinga! With the global financial market now affecting nearly all major markets, including Russia's, and the recent Caucasus conflict apparently still causing some additional investor anxiety in Russia, things should be interesting for Russian business for a considerable time to come. Adding to this is a relatively mixed bag of news on domestic taxation legislation in Russia. While legislation is moving forward to grant more tax breaks to SMEs and oil companies to encourage further growth and diversification, we continue to be shocked with reports on government declarations saying that, for example, tax refunds should be taxed and other examples of the tax authorities attempting to circumvent government reforms. It is this disparity between official theory and bureaucratic implementation that continues, perhaps more than anything, to hold Russia's businesses back.
This month's Vestnik brings you a full range of news on a variety issues - this time focusing mostly on taxation.
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.
Alinga Consulting Group's is planning another Business Breakfast!, this time on "Doing Business in Russia in the Face of Global Uncertainty." Register now to see panels of tax, legal, and business experts discuss the current situation and what it might mean for your business. Find out more!
Direct Expenses Determined By Taxpayer MinFin has recognized taxpayers' right to formulate internal accounting policies.
Writing Off Additional Vacation Russia's Ministry of Finance concluded that the length of a vacation doesn't matter for tax purposes.
Court Recognized Costs Of Water For Employees Employers may prove the need to provide bottled water if this service is mandated within a collective labor contract.
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!
Oil Cos. May Get More Tax Breaks Measures being taken by the government to stabilize financial markets may result in oil companies getting all the tax reductions they asked for.
Property-Related Tax Deduction Valid Only For One Purchase Tax deduction for the building or purchase of a new residence must be used for one specific property or part of a property, and may not be "reused."
VAT: Russia's Least Popular Tax A survey of 250 large Russian companies conducted by Grant Thornton International has shown that the most burdensome tax in Russia is VAT.
Moscow Department Of The FTS Evaluates Best Candidates For Field Tax Inspections The Moscow Department of the Federal Tax Service (FTS) has issued guidelines to local tax inspectors on conducting pre-inspection analysis of candidates for field audits.
Switching Taxation Systems Unprofitable For Trading Companies Companies planning to switch from standard taxation to simplified taxation will not be able to deduct the cost of goods purchased while on standard taxation but sold under simplified taxation.
Simplified Taxation For Small Business Duma deputies have prepared a draft bill allowing small businesses to switch to the simplified taxation system on the condition that gross sales revenue during nine months of the previous year did not exceed 45 million rubles.
Moscow Region Implements Patent Taxation The relevant law has been passed and is now awaiting only the governor's signature.
MinFin To Post Auditor "Blacklist" Soon, a blacklist of auditors who are "excessively helpful" in their services will appear on the official site of Russia's Ministry of Finance (MinFin).
Moscow Increases Control Over Field Audits The Moscow Department of the Federal Tax Service has formed a task group to supervise field audits.
Expenses For Repair Of Rented Property Not Always Tax-Deductable Permanent assets owned by private entrepreneurs are not treated as depreciable capital assets in the Russian tax system.
Anticorruption Legislation Ready Russian President Dmitry Medvedev may introduce a package of anticorruption laws in the State Duma by September 30.
Rent Control For Moscow's SMEs For leased non-residential property, the following are the maximum yearly increases: 2009 – 1.18 times the rate of the previous year, 2010 – 1.16 times, and for 2011 – 1.14 times.
Russia Makes Importing Goods Easier Beginning October 1, there will be two instead of seven agencies controlling the auto checkpoints at Russia's borders.
According to the official position of Russia's police force, "courts treat tax evaders too humanely" and imprisonment is an exception, rather than a rule in prosecuting offenders.
New Customs Regime Approved By All Agencies Amendments to Russia's Customs Code implementing a new customs regime have been coordinated with all relevant government agencies and will be considered by the State Duma for a first reading.
Supreme Arbitration Court Intervened For Adjusted Tax Declarations The company argued that it was not able to take losses into account during the years incurred due to delays in getting the needed documentation from contractors.
Tax Authorities Allowed To File Repeated Claims Winning a court case does not insure a company against repeated claims, regardless of a decision by the Supreme Arbitration Court last year to limit retrials of tax cases.
FAS Builds Barriers For Large Companies Russia's Federal Antimonopoly Service (FAS) has suggested prohibiting subsoil users from purchasing new fields if they already own 35 percent of Russia's developed deposits for that resource.
Central Bank Against "Gray" Imports Russia’s Central Bank is concerned about the increasing frequency of money transfers made between resident legal entities from accounts in Russia to accounts in foreign banks.
Annual Number Of Tax Audits Equals Number Of Raider Attacks According to evaluations conducted by consulting agencies, 60-70 thousand raider attacks (whereby a company is taken over in a hostile and illegal manner) occur in Russia each year.
Large Companies Given Five Years To Pay Tax Debt The President approved amendments to the Tax Code which will provide the Minister of Finance with the right to grant such postponements starting in 2009.
Find Job Vacancies Here Find Employees Here
There is much more HR information available in the Russian version of this same newsletter!
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.
Work Permit Quotas To Double In 2009 In 2009 quotas for foreign employees are to be doubled, reaching a total of 3.7-3.9 million people.
FMS Trial Program Launched – Hotels Empowered To Register Visas On September 12, Russia's Federal Migration Service (FMS) started an experimental program to allow hotels to directly register visas.
Foreign Workers Receive Electronic "Guest Cards" In Moscow Records will be added to the card at border crossings, upon registration with the Federal Migration Service, and also during medical examinations.
A draft law allowing visa-free entrance to Russia to ferry-boat passengers has passed its first reading.
Moscow is the most corrupt region in Russia, according to the first results of massive research on corruption being carried out by the Public Opinion Fund.
Insurance Compensation On Bank Deposits Increased To 700 Thousand Rubles Moreover, by order of Prime Minister Vladimir Putin, specialists of the Central Bank and relevant departments are preparing suggestions for further increasing state guarantees for bank deposits.
Food Imports To Russia To Grow To $35 Bln In 2008 Imports of food and agricultural products to Russia will grow over the next two years, but not at the high rates as in the past.
VEB To Guarantee Redemption Of All Corporate Debt By Year-End The Central Bank of Russia has been recommended to grant stabilization loans to the banks without any security. VEB will step in to sort out problems of the corporate sector.
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