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“Korpus Prava. Analytics” — Tax & Law Magazine for Top Executives

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Taxation

All quiet on the western front?!?
The foreign exchange legislation of the Russian Federation has always been strict and imperative, but up until 2014 no one really cared about compliance with it. After amendments to the administrative code of the Russian Federation were introduced specifying that any fine for an illegal foreign exchange transaction equals to the amount of this transaction, many fellow citizens, particularly the ones living abroad, were put under threat of losing all their bank assets.
WINTER 2018
Tatiana Frolova
The yellow hound brought something round!
The New Year brought numerous changes, particularly in taxation. Changes were introduced to various chapters of the Tax Code of the Russian Federation, i.e. Corporate Profit Tax, Personal Income Tax, Simplified Tax System, Insurance Premium, Property Tax and many others. This article will cover those amendments that apply to the majority of legal entities and individuals in the Russian Federation.
WINTER 2018
Svetlana Sviridenkova
It’s better to avoid big troubles than enjoy small benefits
The definition of the term tax advantage was given by Resolution of the Supreme Arbitration Court Plenum of the Russian Federation No. 53 On the validity estimation of tax advantages granted to taxpayers by arbitration courts (hereinafter – Plenum Resolution No. 53) dated 12.10.2006. The tax advantage is defined as the reduction of the tax burden due to tax base reductions, granted tax deductions, tax benefits, application of lower tax rates, and the granted right for tax refund (credit) or tax reimbursement from the budget.
WINTER 2018
Anna Senchenko
Let’s see the colour of your money!
Fast development of the Armed Forces of the Russian Federation in recent years would have been impossible without the systematic renewal of the existing outdated equipment, which, in turn, required multi-million state budget injections as part of the Armaments 2020 priority procurement program. The major aim of the Armaments 2020 priority procurement program is to bring the percent of advanced arms and military equipment in the Russian armed forces up to 70% by 2020. To that end, 20.7 trillion rubles are to be allocated, with 19 trillion rubles aimed at arming forces, air forces and naval forces.
WINTER 2018
Roman Moskovskykh
Practical application of section V.I of the tax code of the russian federation: 2017 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 2012.
WINTER 2018
Olga Kuramshina
Strengthening of tax control
2017 was abundant with conceptual approaches to tax control developed by tax authorities both for applicable approaches (methods) and for the introduction of execution limits to taxpayers’ rights to apply methods of tax saving.
WINTER 2018
Igor Chaika
Rate reduction and deduction cutdown: the most significant changes in the U.S. tax legislation introduced at the end of 2017
On December 20, 2017, Congress passed the Tax Cuts and Jobs Act of 2017 (TCJA), and President Trump shortly thereafter signed it. This law, most of which will become effective as soon as January 1, 2018, dramatically changes the tax environment of the United States. New financial planning strategies will emerge in the coming months and years.
WINTER 2018
Yana Dmitrieva
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.g. some crimes endanger lives and well-being, and their consequences are often impossible to compensate, while others endanger state economic interests and assets, and damages imposed thereby may be compensated.
WINTER 2018
Diana Voroshilova
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.
AUTUMN 2017
Tatyana Frolova
One Swallow Does not Make a Summer
Since 2015, 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.
AUTUMN 2017
Anna Senchenko
What worries the accountants more this fall
- Are auditors the spies hired by tax authorities?
- Adjustment invoice: helper or additional problem?
- The Federal Tax Service has no idea what happened last year
- Fine for improper statements
AUTUMN 2017
Svetlana Sviridenkova
Reception of Foreign Law Institutions by the Russian Law as Exemplified by Establishment of the Inheritance Fund Institution in 2018
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.
AUTUMN 2017
Vlada Shafirova
Right After Me or the Legal Nature of the Subordinated Loan in Russian Law
At present the subordinated loans are legally regulated by the Law on Banks and Banking Activity, the Law on Insolvency, Provision on the Methods of Measurement of Equity Capital of Lending Institutions (Basel III). 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.
AUTUMN 2017
Alexey Oskin
"Controlled" loan interests
The procedure for interest rate setting for controlled transactions is reasonably described and explained by legislators, whereas the procedure for interest rate setting for controlled indebtedness remains unclear.
SUMMER 2017
Svetlana Sviridenkova
Same Old Story. Unified Social Tax
The Federal Tax Service has issued Taxpayer’s Memo, which was sent by telecommunications channels, to help the taxpayers.
SPRING 2017
Svetlana Sviridenkova
Exchange Differences
Exchange differences arise in accounting and tax accounting, and also affect the amount of taxes of the organization.
SPRING 2017
Igor Chaika
Audit Under Russian and International Rules
The last two years were a very difficult period for the audit community.
WINTER 2017
Svetlana Sviridenkova
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.
WINTER 2017
Anna Senchenko
New Accounting Standards
In the upcoming several years radical revision of accounting standards valid in the Russian Federation is planned.
WINTER 2017
Igor Chaika
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.
WINTER 2017
Roman Moskovskykh
Russia VAT Overtakes Modern Times
Since January 1, 2017, new rules for VAT taxation of foreign entities that provide services to individuals in electronic form or through the Internet.
AUTUMN 2016
Yana Karausheva
FATCA: The US tax octopus and its worldwide tentacles
The US Foreign Account Tax Compliance Act (FATCA) is no longer news. The Act was issued in 2010, and after that it survived several revisions and came into legal force on July 01, 2014.
AUTUMN 2016
Irina Otrokhova
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.
AUTUMN 2016
Aleksey Oskin
CRS: Draft Law Overview
On November 4, 2014, Russia has ratified the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
AUTUMN 2016
Anna Senchenko
VAT without Borders: A Dangerous Carousel
This article continues the series of publications about the system of taxation with value-added tax in the European Union. In this issue, we look into a matter of tax violations related to VAT evasion.
SUMMER 2016
Yana Karausheva
Korpus Prava Сomment Specific Issues of Capitals Amnesty
In 2015, plenty of mandatory requirements were introduced, which bind the residents of the Russian Federation to disclose information on external assets: the notice of participation in foreign entities, the notice of controlled foreign entities, the notice of cash flow on accounts (deposits) in foreign banks.
WINTER 2016
Tax Law Changes in Cyprus
In July 2015, 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.
WINTER 2016
Antonis Karitzis
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.
WINTER 2016
Konstantinos Ioannides
Is a Good Plan Today Better than a Perfect One Tomorrow?
In November 2014, the law on controlled foreign companies, which was the target for criticism, discussions, comments and etc., was adopted.
WINTER 2016
Anna Senchenko