New OECD Automatic Exchange of Tax Information
New Law to Simplify the Exchange of International Tax Information
The Russian Ministry of Finance has drafted a bill intended to build a legal base for international automatic exchange of tax information and information on financial statements. Tax authorities will oversee this new system.
New OKVED codes as of July 11, 2016
From July 11, 2016 onwards new OKVED (All-Russian classifier of types of economic activity) codes assigned as per the Russian Classification of Economic Activities will be used for state registration of legal entities and individual entrepreneurs. OKVED codes have been changed by Order No. ММВ-7-14/333@ issued by the Federal Tax Service of Russia on May 25, 2016. This order entered into force on June 28, 2016.
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What a foreign national should know about the sale of real estate property in Russia
1. A tax resident is a foreign national who has lived in Russia at least 183 calendar days over a period of 12 consecutive months.
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Foreign currency hedging transactions
The Russian rouble collapsed in January 2016 to its lowest level ever.
Legal entities may be exposed to foreign currency fluctuation risk, particularly when a transaction is denominated in a foreign currency.
Voluntary medical insurance requirements for foreign employees
The Bank of Russia has set up minimum requirements for voluntary medical insurance for foreign nationals coming to the Russian Federation to work. For example, there are now requirements for voluntary medical insurance policy forms for migrant workers and for the information that should be specified in such insurance policies (information about the insurer, policy holder and insured).
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Appointment of 2 Directors in a Russian company
We are frequently asked whether it is possible that companies in Russia have 2 directors. Our lawyers answered this question in the article below.Read more
How to dismiss an employee in Russia?
In this article we are answering two frequently asked questions among our clients:
- How to dismiss an employee in Russia? What are the methods of dismissal?
- What method of dismissal is the most effective, least risky, and best avoids conflicts to the maximum extent possible, both within the Company and with judicial bodies; how is it possible to dismiss an employee in the shortest period of time?
Liquidation of a Company in Russia
Liquidation of a company in Russia may seem to be a tricky and complicated process. In order to help companies learn more about the whole process and be able to estimate possible time frames, please see below a liquidation plan for an LLC in Russia (OOO) with Konsu, which consists of 11 steps.
Does every company need a Chief Accountant?
For many years traditional Russian accounting was based on the model of “one company – one Chief Accountant”, this issue provokes many questions. That’s why we decided to answer a frequently asked question if every company needs a Chief Accountant.
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FAQ on Electronic Documents in Russia
Konsu, being one of the leading electronic accounting outsourcing company, draws the maximum benefits from efficient electronic solutions, which help not only to save the time, but also the money of our clients.Read more