#3. - Change is good. - Yeah, but it's not easy.

Dear readers!

We are glad to welcome you to our new edition of “Korpus Prava.Analytics”.

Articles of the autumn edition written by our specialists answer interesting and topical questions.

At the end of March, the Ministry of Finance of the Russian Federation began to implement the order of the President of the Russian Federation to approve amendments to double taxation conventions (DTC) with certain jurisdictions. Thus, in September, an agreement on new terms was reached with Cyprus. For more information about new business conditions, read the article by senior lawyer Anna Senchenko.

Since 2020, currency individual residents of the Russian Federation are required to submit notices to the tax authorities on opening / closing / changing details of accounts opened not only with foreign banks, but also with other financial institutions. In his article Aleksey Oskin tried to cover the meaning of the “financial market organization” in as much detail as possible.

Since September 1, 2020, the procedure of out-of-court bankruptcy for individuals regarding debts amounting from 50 to 500 thousand rubles has become possible. The article by Mikhail Oberemkov describes conditions of participation in this procedure, its features and consequences.

After some time, we decided to return to the topic of digital currency and digital financial assets, because this July the federal law was published introducing rules for DFA regulation. For more information on this issue, see the article by junior lawyer Ekaterina Sechkareva.

We hope this feature material will be really beneficial for you. We look forward to your recommendations and questions, and we will do our best to cover them in our next edition or news feed on our website or Facebook page.

Enjoy the reading!

Artem Paleev
Managing Partner
Korpus Prava

CONTENTS
Svetlana Sviridenkova

Director

Audit Practice

Korpus Prava (Russia)

Income tax: once in writing, it is time to put it into practice

In November 2018, the Ministry of Finance of the Russian Federation amended Accounting Regulations “Accounting for Corporate Income Tax” PBU 18/02, which are mandatory for accounting statements for 2020, i.e. for accounting from January 1, 2020.

Roman Moskovskikh

Lawyer

Tax and Legal Practice

Korpus Prava (Russia)

Pre-trial dispute settlements: clarifications from the Supreme Court of the Russian Federation

At the end of July 2020, the Supreme Court summarized the judicial practice regarding the procedure for pre-trial settlement of commercial disputes.

Irina Otrokhova

Chief Compliance Officer

Corporate Services

Korpus Prava (Cyprus)

DAC 6 Directive: sixth step of the european evolution of information disclosure

DAC6 Directive is the sixth in a series of directives developed to encourage cross-border exchange of tax information in EU, and makes a part of step 12 in the BEPS Project (OECD base erosion and profit shifting project).

Alexey Oskin

Deputy Director

Tax and Legal Practice

Korpus Prava (Russia)

Financial market organizations, what are you?

Since 2020, currency individual residents of the Russian Federation are required to submit notices to the tax authorities on opening (closing, changing details) accounts opened not only with foreign banks, but also with other financial institutions.

Anna Senchenko, LL. M.

Leading Lawyer

Tax and Legal Practice

Korpus Prava (Russia)

Amendments to double taxation conventions. Process is set in motion

Not so long ago, changing terms of international taxation became a priority. The main objective is to prevent income siphoning to low-tax or tax-free jurisdictions by increasing the withholding tax rate in the Russian Federation.

Tatiana Frolova

Leading Lawyer

Korpus Prava Private Wealth

Amendments to provisions governing liability for violations of the currency legislation of the Russian Federation

From July 31, 2020, Federal Law No. 218-ФЗ “On Amendments to Articles 3.5 and 15.25 of the Code of Administrative Offences of the Russian Federation” dated 20.07.2020 became effective and amended provisions governing liability for violations of the currency legislation.

Michael Oberemkov

Assistant to Lawyer

Tax and Legal Practice

Korpus Prava (Russia)

Through court or not, that is the question

Starting from September 1, 2020, Federal Law No. 289-ФЗ “On Amendments to the Federal Law “On Insolvency (Bankruptcy)” and Certain Legislative Acts of the Russian Federation Regarding Out-of-Court Bankruptcy of Citizens” dated 31.07.2020 shall become effective.

Ekaterina Sechkareva

Junior Lawyer

Tax and Legal Practice

Korpus Prava (Russia)

Digital financial assets

On July 31, Federal Law No. 259-ФЗ “On Digital Financial Assets, Digital Currency and Amendments to Certain Legislative Acts of the Russian Federation” was published. The Law will allow to convert traditional financial instruments into a digital form and increase the number of ways to attract investments.