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Partial “lifting” of the suspension of certain provisions of international tax treaties
The August Decree of the Russian President suspended certain provisions of tax treaties between the Russian Federation and 38 countries (“DDT”). The Russian Government has outlined measures to reduce the impact of the DTTs suspension on the Russian economy. In particular, it was suggested that an exemption from or a reduced corporate profits tax rate be established for certain types of income paid to those foreign companies that have previously been subject to an exemption from withholding taxation or a reduced withholding tax rate. Read further in our legal update.
Significantly tougher control over transfer pricing in Russia
On 27 November 2023, the President of the Russian Federation signed Federal Law No. 539 introducing critical amendments to the Tax Code of the Russian Federation, including multiple revisions to Russian transfer pricing rules. Read further about these important changes in our legal update.
Russia introduces tougher fines for violations related to personal data processing
On 12 December 2023, the President of Russia signed a law that increases fines for processing of personal data without the subject’s consent, and introduces new fines for violation of the requirements regulating uploading biometric personal data. For a number of offenses, the amount of the administrative fine can reach up to 1.5 million rubles for a repeated violation. Read in more detail in our legal update.
Certain transactions in intangible assets may require Government Commission clearance
Draft amendments to clause 1 of Presidential Decree No. 81 of 1 March 2022 have been published. The amendments suggest supplementing the decree with a new category of transactions requiring clearance from the Government Commission for Control over Foreign Investment in the Russian Federation, including transactions involving the alienation or pledge of exclusive rights over intellectual property or means of individualisation. Read further in our legal update.
New procedure for allocating shares in the exclusive right to intellectual property
The recently introduced draft law that has just been introduced in the State Duma of the Russian Federation proposes to provide for the possibility of allocating shares in the exclusive right to intellectual property assets and to create a mechanism for the disposal of such shares. These amendments, if enacted, may have a significant impact on the structuring of joint ventures and on the early phases of structuring relationships between the founders of technology companies. They may also affect the structuring of M&A transactions where intellectual property plays a major role.
New law on recommendation algorithms: impact on business and risk of blocking
Recent legislation changes have obliged owners of websites, applications and other online resources using recommendation algorithms, to inform users of the work of the algorithms and to publish the respective rules in Russian on their resources, making them freely available to the public on a free-of-charge basis. Read more about the new requirements in our legal update.