Transfer pricing: the impact of expanding the list of offshore jurisdictions on the obligations of taxpayers conducting transactions with residents of offshore zones

On July 1, 2023, the Order of the Ministry of Finance of Russia No. 86n of June 5, 2023, "On the Approval of the List of States and Territories Granting Preferential Tax Treatment and/or Not Requiring Disclosure and Provision of Information in Financial Transactions (Offshore Zones)" came into effect. The list now includes 91 offshore zones, including EU countries, the USA, Japan, Canada, Australia, and others.Read more

The has included russia the blacklist jurisdictions en konsu ou

The EU has included Russia in the "blacklist" of jurisdictions, suspension of double taxation avoidance agreements is possible

On February 14, 2023, the Council of the European Union ("EU Council") released a press release stating that Russia has been included in the "blacklist" of non-cooperative jurisdictions for tax purposes. According to EU authorities, Russia is not striving to resolve issues related to a special regime for international companies in special administrative regions to meet the criteria of effective tax management of the European Union.Read more

Corporate and annual financial statements by foreign companies operating in Russia

When foreign companies operating in Russia prepare their annual financial statements, they often have a tough time ensuring that internal corporate reports prepared according to International Financial Reporting Standards (IFRS) match those prepared according to Russian Accounting Standards (RAS). Depending on business operations, this problem may be resolved by either applying the accruals method or using BRIDGE Report.
Read more

Ratification of OECD Multilateral Convention (MLI)

The President of the Russian Federation signed on May 01, 2019 Federal Law No. 79-FZ Ratifying the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Tax Base Erosion and Profit Shifting.
Read more

How do Double Taxation Treaties work in Russia?

What international treaties are being discussed?

If income is received by a resident of one country from another country, such income could be taxed twice: in the country where income is received and in the country where income is paid.
Read more

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.

Read more