News on international business and foreign affairs

New Russian Regulations with regards to the implementation of requirements for audits for offshore companies

CFC legislation came into force as of 01/01/2015. First reporting is scheduled on the 20/03/2017 and must cover 2015 tax year. It is quite complicated and usually requires individual case-by-case approach as the analyses of the ownership structure, determination of the tax residency of the persons involved, checking of the compliance with Tax Service notice of participation in CFC and etc. are needed.

On imposing of obligation on legal entities to determine and disclose information on their beneficial owners in the Russian Federation

The Law amends the Federal Law of 7th of August 2001, No. 115-FZ and the Code of Administrative Offences of Russian Federation, and institutes new obligations for legal bodies acting in Russia: to possess information about their beneficial owners, to identify them, to obtain and keep information about beneficial ownership, as well as to provide this information upon requests of the FSFM of Russia (Federal Financial Monitoring Service) of the tax authorities and of other federal executive authorities empowered by the Russian Government.

Black lists - Countries, Legal Entities and Individuals - May 2016

The Security Council of the United Nations Organization (hereinafter also referred to as "UNSC"), whose principal mission is to maintain international peace and security, is the main organ, which establishes restrictive measures on the international level.

Foreign Conduit Companies and increasing tax exposure in Russian Federation - June 2016

A Conduit Company is a company used for the transfer and transformation of revenue for purposes of reduction of its tax obligations in the field of international economic transactions.

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