The Russian Ministry of Finance has drafted amendments to the law “On Auditing Activity” that would remove the requirement for mandatory audits of financial statements for personal and international personal funds.  Currently, such funds must undergo an audit if their annual income exceeds RUB 3 million. The proposal suggests retaining mandatory audits only for public […]

As of January 15, the Federal Tax Service of Russia has updated the form and format of the request for an extract from the Unified State Register of Taxpayers (USRTP).  The new form allows applicants to specify the conditions for generating the extract. Depending on their purpose, taxpayers may select the set of information they […]

A new online service, “My OKVED,” has been launched on the website of the Federal Tax Service of Russia to help entrepreneurs and companies accurately select OKVED (All-Russian Classifier of Economic Activities) codes for registration purposes.  The service offers a convenient search mechanism, including “package solutions” – pre-prepared sets of OKVED codes developed by the […]

The Ministry of Finance of Russia clarified that individuals do not have the right to receive an investment tax deduction under subparagraph 2 of paragraph 1 of Article 219.1 of the Russian Tax Code in the event of a broker’s liquidation, even if all conditions for granting the deduction are met.  Accordingly, to protect taxpayers’ […]

A foreign citizen approached us who had lent a substantial amount to his business partner, a Russian citizen. The borrower passed away without repaying the debt. The obligations were documented in an unconventional manner: promissory notes in various foreign currencies or without specifying any currency at all. The court of first instance granted only partial […]

This year, 3,895 leading legal consultants were included in the “recommended” list. In total, participants nominated 8,691 representatives for inclusion in the ranking. Last year, the results featured 2,640 lawyers out of 7,646 submissions. The list includes the following AT lawyers: Sergey Alimirzoev (managing partners / firm leaders)Practice areas: private capital (mid market) Ilya Aleshchev […]

How to safely structure a personal fund with a foreign founder and foreign beneficiaries in order to avoid the application of the law on strategic investments and sanctions-related risks. The article was prepared by:Sergey Alimirzoev, Senior Partner at the law firm Alimirzoev & TrofimovVlada Alekseevna Kovaleva, Lawyer at Alimirzoev & TrofimovAlexandra Mikhailovna Guzeeva, Lawyer at Alimirzoev […]

The relevant notice published by the European Commission appeared in the Official Journal of the Council of the European Union and entered into force 20 days after its publication. Inclusion in the list obliges EU financial institutions to apply enhanced due diligence to all transactions related to Russia and to introduce additional risk-mitigation measures.  The […]

Recently, it was announced that the UAE has been removed from the so-called “black list” of the Russian Ministry of Finance. This raised questions as to whether this change implies the launch of automatic exchange of information.  The short answer is no. Automatic exchange of information between the UAE and Russia has been in place […]