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Russian Ministry of Finance significantly expands list of offshore and non-cooperative jurisdictions for tax purposes
The Russian Ministry of Finance has revised the list of states and territories that (i) provide preferential tax treatment and/or (ii) do not disclose or provide information on financial transactions. The updated List was introduced by Order No. 86n of the Ministry of Finance dated 5 June 2023 and entered into force on 1 July this year.
VAT on royalties: overview of current enforcement trends
In this legal update, our team addresses current trends in the development of court cases related to charging agency VAT additionally on the customs value of goods, and gives recommendations regarding the mitigation of the related risks.
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.
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.
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.