New application form for authorizations for transactions with non-residents and increased payments to the budget
On October 16, 2023, the official website of the Ministry of Finance published a new form required for submitting applications to the Government Commission for the issuance of permits for transactions with non-residents, the subject of which are stakes in Russian business entities.
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New restrictions for paying dividends and selling shares and real estate for owners and shareholders originating from states recognized by Russian authorities as unfriendly
Dealing with accounts receivable
Many companies increasingly face the prospect that their partners cannot fulfill their obligations because of the difficult economic situation and issues related to accounts receivable became relevant to many of our clients.Read more
Collection of accounts receivable in court proceedings
Any commercial organization or individual entrepreneur carrying out business activities under contracts that do not provide for 100% prepayment, face a situation sooner or later where the counterparty has receivables, payment of which is not always possible to achieve on a voluntary basis.Read more
Expansion of the prosecutor's powers in the arbitration process
From October 18, 2022, amendments to the Commercial Procedural Code of the Russian Federation will come into force, according to which the powers of the prosecutor in the arbitration process will be expanded. [1] Read more
Tax clause as a way of protecting property interests from counterparties’ unlawful actions
To meet the requirements of Article 54.1 of the Russian Tax Code, taxpayers must exercise “due diligence” when choosing counterparties. Tax risks will arise for companies if their counterparties violate tax law, so the Federal Tax Service recommends including a tax clause in contracts to reduce such risks.Read more
How to manage exchange rate differences and read P&L amid fluctuations in ruble exchange rate?
What effects do exchange rate differences have on profit and loss statements?
Financial statements are currently prepared without taking into consideration the most dangerous risks associated with exchange rate differences, and this can result in inaccurate representations of the financial condition of companies. Read more
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.
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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