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The legislation of the Russian Federation forex

Автор: Akinotilar | Рубрика: Forex is already on the account | Октябрь 2, 2012

the legislation of the Russian Federation forex

Russian Federation must, as a general rule, be settled in rubles. The. Civil Code, however, permits the use of foreign currency in cases provided for by law. legislation of the Russian Federation which have the right to carry out banking operations involving foreign currency resources on the basis. In accordance with the international treaties of the Russian Federation the present Federal Law extends to natural persons and legal entities accomplishing. BEST SWAP FREE FOREX BROKER You can also view displays a selected S32 in. Wi-Fi and audio perform an automatic interface or a Tasks List. We are aware used to understand. The site where prepared statements can be found here.

For a period of almost two years, i. While the rouble is the only legal tender in Russia, companies and individuals generally face no significant difficulty in obtaining foreign exchange. Only authorised banks may carry out foreign currency transactions, but finding a licensed bank is not difficult.

The CBR does not require security deposits on foreign exchange purchases. Currency control legislation has been liberalised considerably in the last few years. For payments related to the import of goods, there are no significant restrictions. However, the bank of the Russian importer is obliged to ensure compliance of payments with currency regulations.

Therefore, the Russian importer and its bank have to set up a transaction passport for each contract this is explained further below. The foreign exporter is not directly involved, but may be affected due to the need for the Russian importer to obtain documents and information from the exporter. Under Russian law, there is no restriction on execution of money transfers in cash whether in domestic or foreign currency between individuals and their counterparties whether legal entities or other individuals.

However, a threshold of RUB , or an equivalent sum in foreign currency applies to cash transfers between legal entities. No special restrictions apply to the repatriation of accrued profits. Commercial banks can carry out foreign exchange transactions. Major credit cards are accepted with proper identification, and automated teller machines ATMs are easily available.

Moreover, only major bank branches may exchange the cheques for cash. As a result, tax inspectors pay greater attention to shell companies and simulated transactions. More particularly, they check whether tax fraud could be the sole reason for the transaction and whether the entity has chosen its counterparty responsibly.

Violation of Russian currency control requirements may entail civil, administrative or criminal liability. The bank must register the foreign trade contract or facility agreement not later than the next business day after the submission of the specified documents and must assign a unique number to the relevant contract. As a general rule, residents must repatriate roubles and foreign currency received from international trade and commercial activities to their bank accounts held with Russian authorised banks.

Among the exceptions are payments due to a non-resident lender. The bank must also inform the resident of the number assigned to the contract. In addition, amendments to the Currency Control Law adopted in August and April abolished the repatriation requirement in relation to certain types of contracts between residents and non-residents, provided that such contracts are denominated in roubles and also envisage payments in roubles.

The abolition of the repatriation requirement in respect of such contracts is effective 4 Except for supply of wood, charcoal and related goods. The list should be checked on a case-by-case basis. However, this abolition does not affect i the repatriation in relation to proceeds under loan agreements between residents and non-residents; and ii the repatriation required when the pre-paid funds must be returned to a resident because the relevant goods, services or IP rights were not delivered or provided by a non-resident.

Also, from 1 January , the repatriation requirement for residents does not apply to the offsetting of counterclaims for obligations from foreign contracts for providing certain services 7 Such as IT services, production of computer equipment and services for granting of relevant licences; data processing and information placement services; and educational services.

Residents and non-residents can import and export foreign currency in cash subject to the following rules, established by the Customs Code of the Eurasian Economic Union, which came into force on 1 January Generally, as currency control agents, Russian authorised banks are under a duty to monitor compliance with currency control rules as far as transactions involving their accounts are concerned.

Repeated violation of the rules by company officials may result in disqualification from holding office in the management body or the board of directors supervisory board of a legal entity and otherwise managing a legal entity for up to three years. More serious criminal sanctions may apply under the Russian Criminal Code. We have identified a more suitable language of this document.

To change language to please click here or close We have identified a more suitable language of this document. To change language to please click here or close. For storing your preferred location, analysing referrals from LinkedIn and embedding third party content we need your consent which you can withdraw any time. Select preferences Reject all Accept all. Technical cookies required Disable.

Analytics We does not use any cookie based Analytics or tracking on our websites; see details here. Personalisation cookies Disable. Select a language. Table of contents. Doing business in Russia. Currency control In this chapter of Doing business in Russia , we outline the regulation of foreign currency transactions and the sanctions for breach of currency control rules. General approach Most currency restrictions in Russia were removed in January , following amendments to Federal Law No. These international companies enjoy some tax benefits please see the Tax system chapter and are considered to be non-residents for currency control purposes.

Foreign currency transactions between residents and non-residents Foreign currency transactions between residents and non-residents are also generally permitted subject to a few specific restrictions. Registration of foreign trade contracts Pursuant to Instruction No. In order to register an export contract , the resident-exporter must submit to the Russian authorised bank: information on the export contract sufficient for its registration including type, number, currency, date of the contract, value and date of performance of the obligations, as well as the details of the non-resident counterparty ; or the export contract itself or an extract from it containing sufficient information for its registration.

Repatriation of proceeds As a general rule, residents must repatriate roubles and foreign currency received from international trade and commercial activities to their bank accounts held with Russian authorised banks.

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The rules for compensating banks for lost income in on soft loans for investment projects in the area of waste management are approved. This refers to projects financed by the Russian environmental operator in but no later than November 1, Project screenings will be carried out by the Ministry of Natural Resources. The corresponding announcement will be published on the website of the Ministry no later than July 1 and then quarterly if necessary. The right to maternity capital shall be extended to fathers adoptive parents raising a second, third child or subsequent children born since January 1, , as well as the first child born since January 1, , who have citizenship of the Russian Federation, in the event of the death of a woman who did not have citizenship of the Russian Federation, who gave birth to these children, or the declaration of her death.

The Agency for Technological Development receives a subsidy to support projects for the development of design documentation for components for industries. This concerns products manufacturing of which in Russia is limited or completely unavaileble, and the development of such production is necessary for import substitution.

With a view of providing security of information resources, the heads of executive authorities at various levels, as well as state funds and corporations of strategic enterprises and joint-stock companies that are subjects of the critically significant information infrastructure of the Russian Federation are charged with the following:. Credit institutions are prohibited from providing the competent authorities of foreign states including the judiciary with the information requested by such authorities about customers and transactions performed by them, beneficiaries and beneficial owners, except as otherwise provided by the Federal Law on the Peculiarities of Financial Transactions with Foreign Citizens and Legal Entities.

Transfer of aircraft to the State Register of Civil Aircraft of Russia is carried out in strict accordance with national legislation and the Chicago Convention. However, the state registration of aircraft is not limited solely to the airworthiness of aircraft.

It also defines responsibility of the state of registration for compliance with the international flight rules and standards for training of aviation personnel. The Bank of Russia, in the context of the stabilization of the situation in the foreign exchange market, decided to further soften the requirements for the mandatory sale of foreign currency by exporters.

All exporters are entitled to carry out the mandatory sale of foreign currency credited starting from April 19, to their accounts in authorised banks, no later than 60 working days from the date of its crediting to transit currency accounts in authorised banks. Russian EXIAR Insurance Agency has the right to insure import loans against business and or political risks of importers, their foreign counterparties in relevant transactions, Russian and foreign credit institutions lending to transactions, as well as other organisations providing financial support to the above-mentioned persons.

The Government of the Russian Federation has regulated the issues of such insurance, as well as reinsurance. Events related to business or political risks are listed. The possibility of multiple use of containers for internal transportation across the territory of Russia imported into the Russian Federation before April 15, and thereafter on railway vehicles, sea vessels or inland waterway vessels under the customs procedure of temporary importation has also been established.

Such multiple use of containers will be possible within the validity period of temporary importation. In the area of regular bus transportation, it is planned to reduce the period for consideration of carriers' applications for changing interregional routes from 45 to 10 days. The RF Government has adjusted the rules for allocating subsidies for the creation of digital platforms for the production of high-tech industrial products. If it is impossible to achieve a result in due to the imposed sanctions, companies can extend the implementation of projects for two years without applying penalties.

To ensure continuous operation of the economic entities on the territory of the Russian Federation, the Bank of Russia is setting the official rates of foreign currencies against the rouble as of Moscow time. The Russian President signed a law introducing a ban on placement and arrangement of circulation of shares issued by Russian issuers abroad by placing, in accordance with foreign legislation, securities of foreign issuers certifying the rights to such shares.

On April 27, , a rule comes into force, providing that Russian issuers, depositary receipts for whose shares are traded on foreign exchanges, must ensure termination of the corresponding depositary programs. In this regard, the Bank of Russia reminds that before the expiration of the specified period, issuers are entitled to apply for a permit to continue the circulation of depository receipts as per the procedure established by the Government of the Russian Federation.

Contact Us. Contact info , Moscow, Leninskye Gory 1, bld. Leave us a message. I hereby give my consent to the processing of my personal data. I agree with the Adhesion Agreement. Send Message. The CBR has several tasks, including:. The Russian banking sector has seen a positive overall growth trend in the recent years and continues to do so. In , it saw a four-fold year-on-year increase. Both loans and improved quality of loans increased in In November , credit organizations operated in Russia banks and 49 non-banking credit organizations , a decrease in total credit organizations from January By the end of , Russia had subjects of insurance activities, registered insurance companies and 12 mutual insurance societies.

Almost all major segments of the Russian insurance market grew in the collection of premiums during the second quarter of The decrease in CASCO was of course due to the downshift in demand for new cars and the slightly decreased income and creditworthiness of the consumers. In contrast to a decline earlier in and in , insurance services and contracts grew in demand in the second quarter of , greatly as a result of increased private property transactions.

Russian companies can issue shares and bonds and offer them for sale in public placements. Since , President Putin has worked hard and efficiently on anti-money laundering AML with the aim to bring it on par with Western standards.

Thus, information exchange will be automated in electronic form starting covering data from

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To that end, Practical application of section V. I of the tax code of the russian federation: in review Russian courts have finally formed their official opinion on the key issues regarding the application of section V. I of the Tax Code of the Russian Federation. Let us recall that pricing regulation norms for deals between interdependent persons came into force in Rate reduction and deduction cutdown: the most significant changes in the U.

This law, most of which will become effective as soon as January 1, , dramatically changes the tax environment of the United States. New financial planning strategies will emerge in the coming months and years. Criminal liability for crimes in the sphere of business and other economic activities Under the current legislation, any crime is punished with the criminal liability. However, crimes pose different levels of danger to the community, e.

The subordinated loan deposit, credit agreements or terms of bonded debts are subject to the Rules of Civil Code of the Russian Federation on loan, credit, bank deposit or gift with due account of the aforementioned peculiarities.

What worries the accountants more this fall - Are auditors the spies hired by tax authorities? Reception of Foreign Law Institutions by the Russian Law as Exemplified by Establishment of the Inheritance Fund Institution in In its developmental stage the law is affected by historical, cultural, social and other factors, which can be both domestic and foreign.

The fact that the Russian Civil Law is relatively young, if compared to the foreign legal experience matured over the centuries, somehow explains the strong influence of the foreign law on the Russian legislation, including entrenchment of many foreign legal patterns.

One Swallow Does not Make a Summer Since , Russian tax residents have operated under the legislation on controlled foreign companies. Moreover, next year automatic information exchange on financial accounts is to be launched, which serves as a control instrument allowing tax authorities to trace automatically financial flows of their tax residents.

What good news could the securities market bring to a taxpayer For some time now legislators have tried to attract personal savings to the securities market. It may be explained by the fact that Russian companies desperately need financial injections, but many of them have no access to the market of cheap foreign credits. The Russian investment market requires the so-called "long-term money", therefore, tax allowances for investors are granted only in case of a long-term holding of securities.

Same Old Story. Exchange Differences Exchange differences arise in accounting and tax accounting, and also affect the amount of taxes of the organization. Even If You Sit on the Stream Bottom, You Cannot Be a Fish In addition to the steps aimed directly at combating terrorism financing, measures to increase the level of transparency to prevent money laundering and tax evasion were also proposed. Audit Under Russian and International Rules The last two years were a very difficult period for the audit community.

New Accounting Standards In the upcoming several years radical revision of accounting standards valid in the Russian Federation is planned. Complicated Life of the "Simplified" and Other Changes in the Tax Legislation Some changes, which came into force during the year, have been unjustly deprived of attention against the background of more dramatic events taking place in the international arena. The Act was issued in , and after that it survived several revisions and came into legal force on July 01, Hong Kong: A New Harbor for Russian Mutual Investment Funds For a long time, closed-end mutual real estate investment funds have been an effective legal tool of tax planning, which taxpayers used to defer profit tax or to avoid profit tax completely on quite legitimate grounds.

In this issue, we look into a matter of tax violations related to VAT evasion. Tax Law Changes in Cyprus In July , the Minister of Finance of the Cyprus Government announced, at a press conference, the transmission to the House of Representatives of a package of tax Bills which he characterized as a very significant Tax Reform. Cyprus introduces Notional Interest Deduction regime In an effort to help the economy return to a growth path, the Government has introduced a Notional Interest Deduction NID regime on corporate equity.

In November , the law on controlled foreign companies, which was the target for criticism, discussions, comments and etc. What the Last Year Produced: Review of Law Amendments in This review addresses the most significant law amendments, which define legal issues that would be vital in Russia in VAT in the European Union If a VAT payer acquires services for personal use not related to business activity, location of service rendering shall be the location of the seller.

Review of Special Economic Zone Regime in Russia In recent times the topic of import substitution became quite relevant. Let us look around our native land: maybe, Kaliningrad and Magadan can be a worthy replacement of traditional tax heavens like Cyprus and Malta? At the beginning of the previous year, the Ministry of Finance published a letter describing prevailing schemes of tax mitigation using advantages stipulated in agreements for double taxation.

VAT Big Data collection system. And we now move with the time. However, when reading the law one thing is clear: in a first approximation our bill is a usual CFC law. International mutual assistance in tax matters: a helping hand or a noose around neck In the wake of the financial crisis plaguing the world economy, countries came to the conclusion that new sources of income shall be opened as soon as possible, thus they focused their efforts on taxation, in particular on fighting against use of schemes of tax evasion.

What the past year left: tax legislation amendments From 1 January the list of cases when the tax authority may demand documents from the taxpayer in the course of the desk audit is extended. Legal nature of tax consequences of transactions of accounts receivable financing factoring Accounts receivable financing, also called in the theory of the Russian civil law and everywhere in the law enforcement practice as factoring, is a transaction binding two subjects: the client - creditor under the good supply agreement, work or service agreements concluded with the debtor, as well as the fiscal agent-intermediary accepting the monetary claims against the debtor.

Tax aspects of sale by foreign entity of real estate in the RF As such, for example, is the situation in which a foreign entity that does not operate in the Russian Federation through a permanent representative office sells real estate in Russia.

Taxation of inherited property Death is an inevitable condition of human nature. Sooner or later everyone faces death of loved ones, and, as a rule, the issue of inheritance of property belonging to the deceased person always arises. Squeezed but pleased: taxation of passive income in the European Union In recent years a trend towards registration of companies in the European jurisdictions with middle-income tax, for example, the Netherlands, Ireland, has been noticed.

The aim is to prevent artificial structures from being used for tax avoidance purposes. Hard way home: legal integration of Crimea into Russia Political events unfolded so quickly that it was necessary to make decisions immediately. The most important thing was to use the results of the referendum in the Crimea and to formalize legislatively the Crimea as part of Russia.

Bitcoin: revolution of currency system or new way to take money from people Now virtual currency, circulating in the Internet space, constitutes software package, which is called "Bitcoin", originating from combination of English words "bit" - unit of information, and "coin". Overview of amendments to the Tax Code of the Russian Federation with respect to individuals In , a number of developments in the legislation on taxes and fees relating to individuals were adopted.

Thus, one of the latest developments of the past year was the postponement of the term of payment of property tax, vehicle tax and land tax. Innovations in legal regulation of taxation by corporate property tax: problems and solutions In late Russian President Vladimir Putin signed perhaps one of the most talked about acts in the past year, which radically changed approach to the calculation of corporate property tax and substantially increased tax burden for certain categories of taxpayers.

How are we going to fight money laundering Amendments were made to such regulations of the Russian Federation as Criminal Code of the Russian Federation, Administrative Offences Code of the Russian Federation, Civil Code of Russia as well as in a number of important federal laws. The Insolvency Law pays special attention to the bankruptcy prevention measures conducted before the revocation of a banking licence.

These measures are as follows:. The legal regulation of the system of measures aimed at anti-money laundering and counter-terrorism financing is implemented pursuant to Federal Law No. The Anti-money Laundering Law contains criteria for the volume of operations subject to mandatory control, lists these operations and determines the organisations conducting operations with money or other property that should inform an authorised agency about these operations, which include credit institutions, among other.

Taking into consideration that capital may be laundered in many different ways, these organisations are required to conduct internal control for detecting operations subject to mandatory control and other operations with money or other property, in regard of which these organisations have the suspicion that these operations are conducted with the objective of money laundering or financing terrorism.

The Anti-money Laundering Law also stipulates that the provision to the authorised agency of information and documents by organisations conducting operations with money or other property according to the procedure established by this Federal Law does not constitute a breach of official, banking, tax or commercial secrets.

To boost public trust in the banking system, stimulate growth in organised savings and reduce the risks taken by banks when building a long-term resource base, Russia passed Federal Law No. This Federal Law lays down the legal, financial and organisational principles of operating the compulsory household bank deposit insurance system hereinafter referred to as the deposit insurance system , establishes the competence of and the procedure for creating an organisation performing compulsory deposit insurance functions hereinafter referred to as the Deposit Insurance Agency , sets the procedure for paying deposit compensation and regulates relations among banks, the Deposit Insurance Agency, the Bank of Russia and the federal executive power bodies within the deposit insurance system.

This Federal Law specifies the following basic principles of building and operating the deposit insurance system:. There are two insured events when an individual is entitled to deposit compensation from the Deposit Insurance Agency:.

Federal Law No. As the establishment of the deposit insurance system created the risk of financial instability for the banks that have not joined this system as a result of the loss of customer and investor confidence and the eventual outflow of deposits to the participating banks, this Federal Law extended to the depositors of the non-member banks guarantees similar to those enjoyed by the depositors of the member banks.

Under the law, compensation to depositors of the non-member banks is paid from Bank of Russia funds. Thus, the passing of this Federal Law became a major step forward in boosting confidence in the banking system as a whole. The Foreign Exchange Regulation Law defines foreign exchange operations. In addition, it separates the powers of the federal government and the Bank of Russia relating to the regulation of foreign exchange operations.

On January 1, , the restrictions on foreign exchange operations between residents and non-residents the requirements that such operations are routed through special accounts and that a certain amount of money is deposited when foreign exchange operations are conducted, the prohibition to buy domestic securities for foreign currency, the preliminary registration of a resident account deposit opened with a bank outside Russia and the compulsory sale of a part of foreign currency earnings were lifted.

Residents and non-residents may now make settlements on operations with domestic and foreign securities in rubles or foreign currency. To boost the domestic foreign exchange market and prevent capital flight from Russia, the Foreign Exchange Regulation Law retains the requirement for residents to repatriate foreign and domestic currency Article The purpose of this Federal Law is to create and legalise conditions for the compiling, processing, storage and disclosure by credit bureaus of information about how borrowers meet their obligations under loan credit agreements, give creditors and borrowers more protection by reducing overall credit risk and enhance the efficiency of credit institutions.

A major role in implementing this Federal Law is played by the Bank of Russia, whose division, the Central Catalogue of Credit Histories, performs the function of a single information centre informing users free of charge in what credit bureau they can find information about an individual credit history maker.

In addition to the borrowers, creditors and the Central Catalogue of Credit Histories, the credit bureaus participate in the exchange of information about how borrowers meet their obligations to creditors. What do you want to find?

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