The Bank of Russia maintains restrictions on foreign currency cash withdrawals due to sanctions. Citizens with foreign currency accounts opened before 9 March 2022 can withdraw up to $10,000 or the equivalent in euros, provided that the right has not been previously used. The rest of the funds are issued in rubles at the official […]

The Ministry of Finance issued clarifications in the Letter dated 10.07.2024 № 03-11-11/64271. The Ministry clarified that the personal foundation is a non-profit unitary organization that manages property transferred by a citizen or inherited from this citizen in accordance with the approved terms of management. Since personal foundations are not specified in paragraph 3 of […]

The British regulator OFSI has issued 20 clarifications regarding the rules for the application of sanctions related to private clients. In particular, the regulator explained: If a citizen of the Russian Federation residing in the UK is not under personal sanctions, then such a person has the right to open a bank account in the […]

The notifications have already been sent to the taxpayers accounts and contain information on: Russian banks in which the deposits were opened; The amount of interest accrued on bank accounts and deposits; Personal income tax base calculation (under p. 1 of the art 214.2 of the Russian Tax Code the nontaxable threshold in 2023 is […]

Under the Russian Tax Code (RTC), if a taxpayer fails to meet the conditions for preferential tax regimes, they must switch to the general tax system. “Business splitting” occurs when a taxpayer attempts to artificially meet the conditions for preferential tax regimes by distributing income, assets, and personnel among related entities. Although “business splitting” is […]

A Russian company JSC Geo-Systema has filed an application to the Commercial Court of Moscow for declaring Euroclear as a bankrupt. Previously, the company had already submitted a claim against the Belgian depository, seeking to recover damages exceeding $1 million. The claims were granted, and the court decision has come into legal force. Currently, the […]

Situation: Upon a divorce one of the ex-spouses received more than half of the assets gained during the marriage.  To compensate the unequal distribution of the assets gained during the marriage the ex-spouses agreed that the one who received more than half of the assets would pay a compensation to the other ex-spouse. The Russian […]

Lump Sum is a special tax regime substituting the personal income tax on the foreign sourced income to a fixed payment (please note that upon application of this tax regime the general tax rates are applicable to the Italian sourced income). In accordance with the Law Decree as of 09.08.2024 published in the official gazette […]

In accordance with p. 36 of the art. 1 of the Federal law No 259-ФЗ the controlling persons would not be liable for not filing the FS for the 2024 FY with the notification of the CFC for the tax year 2025 if as of April 1, 2026: The controlling person is under foreign sanctions; […]