latest news on accounting and tax legislation in russia
TRANSCRIPT
LATEST NEWS ON
ACCOUNTING AND TAX
LEGISLATION
4.12.2014
Ms. Ekaterina Zelenina,
Director of Financial Management Services, Accountor
Russia&Ukraine
TaXmas 2014 St. Petersburg
Latest changes 04/11/2014 Law 344:
+ Simplified accounting is forbidden for companies which fall under statutory audit
+ Bank of Russia and Ministry of Finance now have rights to issue for transmission period, before appropriate Standards - for quicker reaction changes of legislation
+ Russian Gaap is regulated by Federal Standards only. All norms regarding accounting regulations have been excluded from other laws, (law on leasing, agriculture, etc.)
+ Compulsory Consolidated accounting report – in Rubles.
REMINDER: Russian GAAP includes 21 Standards, which are based on IFRS.
Accounting news
4/12/142
Federal law 251-ФЗ from 23.07.2013
if a company falls under obligatory audit
+ annual report is handled to Statutory Statistics Office together with audit conclusion
+ annual report of OAO is published with audit conclusion
+ The company should keep audit conclusion for 5 years (as with all financial reporting)
+ Expected: statutory audit will be obligatory for all joint stock companies including ZAO (draft law accepted in 2 readings)
+ REMINDER: statutory audit is obligatory if in year prior to reporting
+ Assets value > 60 mln rubles Net turnover > 400 mln rubles
Audit
4/12/143
+ Costs on %% under loans become deductible without limit
Exception 1: %% falls under thin capitalization rule – restricted, as earlier
Exception 2: %% falls under controlled deals - deductible in sum according to rules of
Clause about transfer pricing (20.04.2014 № 81-ФЗ.)
+ Tax on property
A company using a special tax regime, must anyway pay property tax if the tax value of
the property is defined as cadastre value) all commercial real estate 02.04.2014 № 52-
ФЗ.
+ Social contributions to State Pension Fund are paid from salaries of all
foreign employees, not depending on duration of their stay in Russia. Exception
– highly qualified specialists 28.06.2014 № 188-ФЗ.
+ Private office of taxpayer = ‘Tax office Extranet’
All correspondence with tax office can be undertaken via this 04.11.2014 N 347-ФЗ.
Taxation from 1.1.2015
4/12/144
VAT – trend towards e-processing!
+ New form of VAT declaration
+ New process for VAT cameral check
+ New process for VAT tax administration
Taxation from 1.1.2015
4/12/145
e-Tax declaration
e-Sales book list of VAT on
sales per invoice-factura
e-Purchase book list of VAT
deductions per invoice-factura
e-Database of tax office
data for all VAT accrued on sales
per invoice-factura
data for all VAT deductions
per invoice-factura
VAT-2015: new e-processes
4/12/146
Tax deduction is approved automatically if 2 invoice-facturas “match”
each other. This can be checked on the taxpayer office “extranet”
TRANSFER PRICING
+ All companies having deals with non-
residents in 2014 must present tax
notification by 20/5/2015
- NO LIMIT of deals sum anymore!
Taxation from 1.1.2015
4/12/147
• New section V.I of Tax Code of Russia came into force
1.1.2012
• Deadline for TP declaration 201220.5.2013
20.11.2013
• From this date Federal Executive Body of TP control can send request on TP documentation-2012.
1.12.2013
• Deadline for TP declaration 201320.5.2014
• From this date Federal Executive Body of TP control can send request on TP documentation-2013.
1.6.2014
• Deadline to appoint TP tax checking of year 2012. 30.6.2014
• Deadline for TP declaration 201420.05.2015
• From this date Federal Executive Body of TP control can send request to taxpayer on TP documentation-2014.
1.6.2015
• Deadline to appoint TP tax checking of year 201331.12.2015
TRANSFER PRICING CALENDAR 2015
4/12/148
Thank you!
191015, Russia, St. Petersburg, Shpalernaya ul. 54
Phone: +7 812 325 82 94 (222)/cell: +7 911 911 45 38
www.accountor.ru
4/12/149
PASSION FOR RESULTS
4/12/1410