#1. Review of the Changes in Legislation in 2016

Dear readers,

I am happy to greet you on the pages of our corporate publication “Korpus Prava. Analytics”.

The first issue of the year 2016 we traditionally devote to analysis of the changes in legislation for the previous year, which specify the urgent legal issues in this year. This issue will allow you to get acquainted with the procedure of recognition of an individual as a tax resident of the Russian Federation; you will know why the year 2015 became critical for the majority of taxpayers, which issues are to be emphasized during the individual bankruptcy procedure, what are the innovations in the procedure of state registration of legal entities and individual, and why the British Virgin Islands may lose their confidential status.

The experts of Korpus Prava have thoroughly analysed the key rules, which are necessary to be observed upon filing the cash flow reports in the New Year 2016. We also could not bypass the issue of the reform of civil legislation, and paid attention to the partial list of innovations approved by the Federal Law.

We continue the issue of amnesty of capitals, which we have already published in issue 3/2015 of our magazine. This issue is still of great interest. In the middle part of our issue you can find the opinions of our experts concerning amnesty of capitals: the main questions, the mistakes, the controversial points. We believe you can find much useful information.

We will be happy to see your comments and suggestions. We wish you success in the new year!

See you next time on the pages of “Korpus Prava. Analytics”!

Artem Paleev
Managing Partner
Korpus Prava

Irina Kocherginskaya, LL. M.

Managing Director

Tax and Legal Practice

Korpus Prava

The amnesty of capitals is an exchange operation offered by the state to its citizens. The information on the assets should be exchanged for the guarantees of release from criminal and administrative liability, as well as from liability for tax and currency violations.

Irina Otrokhova

Chief Compliance Officer

Corporate Services

Korpus Prava (Cyprus)

For many years already the British Virgin Islands have been one of the most used offshore jurisdictions for the registration of foreign companies. The BVI have always attracted investors as jurisdiction for holding business. One of the main reasons why the BVI are so popular is the high level of confidentiality of information.

Konstantinos Ioannides


KP & Partners Ltd

Over the last years, the supply of credit by financial institutions has been considerably reduced due to the banking crisis. 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.

Antonis Karitzis

Advocate — Legal Consultant

Managing Director

A. Karitzis & Associates L.L.C.

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. The Bills were enacted and introduced by the Government aiming on the encouragement of further investments in Cyprus and the invigoration of the economic activity.

Olga Kuramshina

Ex-Leading Lawyer

Tax and Legal Practice

Korpus Prava (Russia)

The year 2015 turned out to be rich in amendments regarding procedures of state registration of legal entities and sole proprietors. First of all, it is related to the fact that in the last two years corporate law underwent significant alterations, and secondly, experience has proven that tax authorities declared war on reorganization through front parties.

Leonid Kunin

Ex-Senior Lawyer

Tax and Legal Practice

Korpus Prava (Russia)

Last year, yet another amendments to the Federal Law on Insolvency (Bankruptcy) were enacted. It was quite anticipated for many reasons. First of all, distinct increase of the number of bankruptcies, it is unknown whether we have hit the bottom of the crisis, but bankruptcy became a quite popular affair.

Alexey Oskin

Deputy Director

Tax and Legal Practice

Korpus Prava (Russia)

For most taxpayers 2015 was quite eventful and crucial. This year, a lot of amendments were introduced to the tax law, which on one part aimed at crackdown in relations between the state and the taxpayer, and on the other part, during the transition period Russian taxpayers have been granted opportunity to voluntarily notify on their foreign property.

Anna Senchenko, LL. M.

Leading Lawyer

Tax and Legal Practice

Korpus Prava (Russia)

In November 2014, the law on controlled foreign companies, which was the target for criticism, discussions, comments and etc., was adopted. The Ministry of Finance tried as much as possible to clarify certain urgent matters arising among taxpayers.

Svetlana Sviridenkova


Audit Practice

Korpus Prava (Russia)

New 2016 gave us quiet a lot of changes in the tax law and, unfortunately, mainly to the disfavor of taxpayers. Thus, the Tax Code underwent serious alterations in the part of income tax. Introduction of a new quarterly statement form is one of such alterations.

Yana Karausheva

Ex-Junior Lawyer

Tax and Legal Practice

Korpus Prava (Russia)

2015 passed under the sign of capital amnesty initiated by the President of the Russian Federation and implemented by the legislator. According to data published in mass media at the end of last year, voluntary declaration by citizens of assets abroad turned out to be less in demand than its initiators expected.