Shareholders holding preferred shares of the Signal Radio Plant challenged the legality of paragraph 1 of clause 5 of article 32 and clause 3 of article 42 of the Federal Law “On Joint-Stock Companies” before the Constitutional Court of Russia. The dispute arose after lower courts refused to recover unjust enrichment from the company, which […]

The Federal Tax Service (FTS) has updated its Service for Creating Machine-Readable Electronic Documents. Now, documents can be signed using a token — a certified digital signature storage device. The token is a USB device compatible with both PCs and smartphones.  Within the service, users can generate invoices, transfer documents, and contracts.  Information on how […]

The Bank of Russia intends to require Russian banks to collect data on transactions involving non-residents, as well as on settlements made using bills of exchange, precious metals, and digital financial assets (DFAs).  The proposed changes do not tighten requirements for resident or non-resident operations but are aimed at improving the accounting of such transactions. […]

The Federal Tax Service of Russia (FTS) has begun mass-mailing information requests to Russians with bank and brokerage accounts in the UAE, including individuals who are beneficial owners of companies with UAE accounts. The bulk of notices concerns the 2022–2024 tax periods. The trigger is data received under the automatic exchange of financial account information […]

On 14 October, the State Duma approved at first reading a government bill amending Article 149 of the Russian Tax Code to exempt interest on deposits in precious metals (held in the form of bullion) from VAT. Under current practice, banks return bullion of the same type and weight – or a cash equivalent – […]

According to Bloomberg, Italy is considering increasing the fixed tax on foreign income for wealthy foreigners relocating to the country under a favorable program from €200,000 to €300,000 per year — a 50% rise. This special tax regime allows new residents to be exempt from taxes on foreign income, gifts, and inheritance for 15 years, […]

The depository Euroclear has filed a motion with the Moscow Arbitration Court seeking to dismiss a lawsuit brought by a group of private investors demanding the unblocking of their assets. According to Euroclear’s position, the dispute does not fall within the jurisdiction of the Russian court and should be resolved out of court by the […]

The Russian Government has submitted a major tax bill to the State Duma, proposing amendments to the Tax Code and several federal laws. We previously covered the planned reform of the tax exemption under paragraph 17.2 of Article 217 of the Tax Code— read more here. In the revised version of the draft law, the […]

The updated Navigator by the Bank of Russia is a convenient tool that allows you to quickly check what is permitted and what is restricted under the Presidential Decrees of the Russian Federation. You can download the new version here. The Navigator truly saves time when you need to quickly understand current requirements. However, if […]