We are glad to welcome you to the new edition of Korpus Prava.Analytics!
The winter issue is traditionally dedicated to the main changes in the legislation that will be relevant this year.
In 2020, lawmakers developed new conditions for taxation of personal income. The first one is the introduction of the tax on interest on deposits with Russian banks. For more information on the procedure for determining the tax base for bank deposits read the article by Tatyana Frolova, senior lawyer at Korpus Prava Private Wealth.
Another topic discussed in 2020 was the revision of Double Taxation Conventions (DTCs) concluded by the Russian Federation with Cyprus, Malta, and Luxembourg. Senior associate Anna Senchenko wrote about the consequences following the amendment or termination of the DTCs.
Last year, significant changes were made in the field of currency regulation and currency control, namely the rules on liability for non-repatriation of foreign currency earnings were changed, and liability for violation of deadlines for submitting accounting and reporting forms for currency transactions was mitigated. Junior lawyer Ekaterina Sechkareva covered changes to the currency legislation in her article.
Innovations also affected the audit practice, the threshold of income and the amount of assets, subjecting the company to mandatory audit, has been increased for small businesses. In the article by the director of the Korpus Prava audit practice, you will find detailed information about the conditions for applying these changes.
I hope that the prepared materials will be beneficial for you. We are looking forward to your suggestions and questions, which we will try to cover in the next issue or news article.
Have an enjoyable reading!