Accountor hosted another TaXmas event at the Embassy of Finland as it has been doing for already more than 6 years.
The first speaker, Olga Mazina, Head of Tax Consulting, talked about the taxation changes anticipated in 2017. Olga outlined the changes in the taxation of electronic services supplied by foreign providers, as well as the upcoming changes in transfer pricing and other significant changes in tax and accounting regulations.
Accountor hosted another TaXmas event at the Embassy of Finland as it has been doing for already more than 6 years.
The second speaker, Pavel Antonov, Head of Legal Department, talked about the latest court practice, giving an account of civil and tax disputes. Pavel chose the most relevant and interesting examples from the latest court practice and gave recommendations for foreign companies operating in Russia.
We are informing our readers about the most important changes in Russian legislation: news about VAT, property tax, cash transactions, primary documentation, etc.
As every year, the city runs a campaign that encourages inhabitants to settle their PIT with the Wroclaw address of residence. From 15th February, the first taxpayers may settle their tax returns – we encourage you to enter Wroclaw in your tax return.
The presentation stated the latest changes in accounting and audit legislation. Tax legislation, especially the new e-process and transfer pricing, was emphasised.
The most important changes that were introduced to the Russian Tax Code, accounting and audit law in 2015 and will come into force on January 01, 2016. recommendations about the latest transfer pricing practices as and taxation of interests for intra-group loans.
Accountor hosted another TaXmas event at the Embassy of Finland as it has been doing for already more than 6 years.
The second speaker, Pavel Antonov, Head of Legal Department, talked about the latest court practice, giving an account of civil and tax disputes. Pavel chose the most relevant and interesting examples from the latest court practice and gave recommendations for foreign companies operating in Russia.
We are informing our readers about the most important changes in Russian legislation: news about VAT, property tax, cash transactions, primary documentation, etc.
As every year, the city runs a campaign that encourages inhabitants to settle their PIT with the Wroclaw address of residence. From 15th February, the first taxpayers may settle their tax returns – we encourage you to enter Wroclaw in your tax return.
The presentation stated the latest changes in accounting and audit legislation. Tax legislation, especially the new e-process and transfer pricing, was emphasised.
The most important changes that were introduced to the Russian Tax Code, accounting and audit law in 2015 and will come into force on January 01, 2016. recommendations about the latest transfer pricing practices as and taxation of interests for intra-group loans.
VAT updates in Russia relevant to June 2015. The article was originally published here: http://www.accountor.ru/en/news/2015/updates-vat-russia-june-2015
SYSTEMIC REPORT "ABUSES AND PRESSURE INFLICTED BY LAW ENFORCERS ON BUSINESS"Iaroslav GREGIRCHAK
In the Business Ombudsman Council's Systemic Report "Abuses and Pressure of Law Enforcers on Business" the Council's team led by Iaroslav Gregirchak, the Deputy Business Ombudsman, comprehensively examined the most common malpractices at the part of law enforcers and developed a set of 27 recommendations to the Ministry of Justice of Ukraine, the General Prosecutor’s Office of Ukraine and the Ministry of Internal Affairs of Ukraine.
The document commences by examining problems related to the stage when criminal proceedings are being launched. The Report advocates the need for digitalization of the way the data is entered with the Unified State Registry of Pre-Trial Investigations (USRPI). Thereafter it updates the Council’s earlier recommendations aimed at alleviating pressure inflicted on business through (i) groundless launching of criminal proceedings based on allegations of tax evasion; as well as (ii) groundless denial to launch criminal proceedings.
The next chapter is focused on an inefficient (delayed) course of pre-trial investigation. The document commences by concentrating on (i) criminal proceedings launched prior to March 15, 2018, in whose regard the Criminal Procedural Code does not set forth deadlines of pre-trial investigation, thus resulting in such criminal proceedings becoming a convenient tool for inflicting pressure on business. While drawing attention to the lack of proper access to selected information about the course of pre-trial investigation, the Report calls for the need to simplify both suspect’s and victim’s access to the USRPI. Afterwards the document advocates vesting the defence and injured party with the right to independently lodge motions with prosecutor or investigatory judge seeking extension of terms of pre-trial investigation. The chapter ends by focusing on the taxonomy of problems stemming from the current state of legal framework governing use of court-ordered/forensic expert examinations.
In the subsequent chapter discussing procedural abuses in course of pre-trial investigations, the Report concentrated on the following taxonomy of this problem: (i) illicit retention of arrested property; (ii) transfer of materials of criminal proceedings from one body of pre-trial investigation to another; and (iii) practice of reiterative arrests. The Report ends with a comprehensive chapter focused on disciplinary liability of investigators and prosecutors.
Most important changes in Russian legislation:
- news on legal entities forms
- other amendments to civil legislation
- state registration of companies
- LLCs
- staff leasing
- foreign branches and representative offices accreditation
- work permits
- etc.
We are informing our readers about the most important changes in Russian legislation: news about VAT, corporate income tax, news in labor legislation, etc.
VAT updates in Russia relevant to June 2015. The article was originally published here: http://www.accountor.ru/en/news/2015/updates-vat-russia-june-2015
SYSTEMIC REPORT "ABUSES AND PRESSURE INFLICTED BY LAW ENFORCERS ON BUSINESS"Iaroslav GREGIRCHAK
In the Business Ombudsman Council's Systemic Report "Abuses and Pressure of Law Enforcers on Business" the Council's team led by Iaroslav Gregirchak, the Deputy Business Ombudsman, comprehensively examined the most common malpractices at the part of law enforcers and developed a set of 27 recommendations to the Ministry of Justice of Ukraine, the General Prosecutor’s Office of Ukraine and the Ministry of Internal Affairs of Ukraine.
The document commences by examining problems related to the stage when criminal proceedings are being launched. The Report advocates the need for digitalization of the way the data is entered with the Unified State Registry of Pre-Trial Investigations (USRPI). Thereafter it updates the Council’s earlier recommendations aimed at alleviating pressure inflicted on business through (i) groundless launching of criminal proceedings based on allegations of tax evasion; as well as (ii) groundless denial to launch criminal proceedings.
The next chapter is focused on an inefficient (delayed) course of pre-trial investigation. The document commences by concentrating on (i) criminal proceedings launched prior to March 15, 2018, in whose regard the Criminal Procedural Code does not set forth deadlines of pre-trial investigation, thus resulting in such criminal proceedings becoming a convenient tool for inflicting pressure on business. While drawing attention to the lack of proper access to selected information about the course of pre-trial investigation, the Report calls for the need to simplify both suspect’s and victim’s access to the USRPI. Afterwards the document advocates vesting the defence and injured party with the right to independently lodge motions with prosecutor or investigatory judge seeking extension of terms of pre-trial investigation. The chapter ends by focusing on the taxonomy of problems stemming from the current state of legal framework governing use of court-ordered/forensic expert examinations.
In the subsequent chapter discussing procedural abuses in course of pre-trial investigations, the Report concentrated on the following taxonomy of this problem: (i) illicit retention of arrested property; (ii) transfer of materials of criminal proceedings from one body of pre-trial investigation to another; and (iii) practice of reiterative arrests. The Report ends with a comprehensive chapter focused on disciplinary liability of investigators and prosecutors.
Most important changes in Russian legislation:
- news on legal entities forms
- other amendments to civil legislation
- state registration of companies
- LLCs
- staff leasing
- foreign branches and representative offices accreditation
- work permits
- etc.
We are informing our readers about the most important changes in Russian legislation: news about VAT, corporate income tax, news in labor legislation, etc.
Accountor together with Vineyard organized a business breakfast on the theme: “NEW PERSONAL DATA LEGISLATION HAS COME INTO FORCE IN RUSSIA: WHAT ARE THE PRACTICAL IMPLICATIONS FOR FOREIGN COMPANIES?” in Helsinki on 15th of October.
Accountor hosted another TaXmas event at the Embassy of Finland as it has been doing for already more than 6 years.
The third speaker, Olga Nazarenko, Chief Accountant, talked about the most effective ways to automate financial reporting and presented Accountor Reporting, our application for accounting and reporting. This tool allows accessing financial information anywhere from any device and provides clear reporting. All reports can be customized to meet any company’s needs. Accountor Reporting allows preparing financial statements faster and eliminates the risk of human error.
Accountor together with Vineyard organized a business breakfast on the theme: “NEW PERSONAL DATA LEGISLATION HAS COME INTO FORCE IN RUSSIA: WHAT ARE THE PRACTICAL IMPLICATIONS FOR FOREIGN COMPANIES?” in Helsinki on 15th of October.
What is Pricing Strategy and what are the objectives and factors affecting the Pricing Strategy.
There are Certain types of Pricing Strategies as well. Each and every strategy has its own affect on the product and services offered by an organization.
On 2 December 2016 the Law Decree 22 October 2016 n. 193 (“Tax decree”) completed its legislative process with the publication in the Official Gazette of the consolidated text, post amendments, occurred at the time of the conversion into Law. Some of the adopted measures are a way to implement the new strategy of the Tax Administration to prevent tax evasion and to reduce the VAT gap. Most of the measures have the aim to modernize the way in which taxable persons accomplish VAT fulfillments, so that these latter can be more effective, leveraging on an intense use of electronic means. Grant Thornton Italy summarize in this VAT Alert, the main changes on VAT rules deriving from the final text of the new provisions.
Grant Thornton Vietnam Tax Newsletter - August 2016Alex Baulf
In this Newsletter, Grant Thornton Vietnam would like to highlight the following updates relating to taxation and customs:
1. Guidance from the Ministry of Finance on VAT refund and penalty for late tax payment from 1st July 2016
2. Procedures for payment to State Budget for tax liability and domestic revenue from 1st August 2016 onwards
3. Sponsorship expenditure to Clients shall not be regarded as tax deductible expenses
4. House lease expense of individuals
5. Sponsorship cost of Master’s Degree programs for employees shall be regarded as tax deductible expenses for CIT purpose
6. Approval on "Bilateral agreement and documentation to implement the Foreign Account Tax Compliance Act between Vietnam and the United States"
7. Procedures on cancellation, liquidation and tax refund for defective goods of foreign invested enterprises
8. Procedures on adjustment to the duration of processing contract
9. Trading of goods of Exporting-Processing Enterprises
This newsletter is for reference purposes only. Grant Thornton Vietnam holds no responsibility for mistakes therein, as well as damages caused by the use of information from this newsletter without official advisory opinions from Grant Thornton Vietnam before practice.
Should you need to use information from this newsletter or support from Grant Thornton Vietnam, please contact our professional consultants.
Through the Fiscal Bulletin sent on September 4, 2017, we announced the introduction of the VAT split payment mechanism by Government Ordinance No. 23/2017. After the Ordinance passed the Parliament approval through a law and the Approval Law was published in the Official Gazette, the VAT split payment mechanism has undergone major changes – in a positive way for most taxpayers.
Our tax experts have released the Complete 2017 Tax Calendar for Slovakia. The tax calendar gives specific due dates for filing tax forms and paying taxes that affect individuals and businesses.
Download the Complete 2017 Tax Calendar for Slovakia and meet every tax deadline!
Slovakia: Grant Thornton Tax Newsletter December 2015Alex Baulf
Tax Newsletter including:
1. Summary of the most important changes in tax laws valid from 1 January 2016
1
2. Tax return as at 31.12.2015 – changes against the year 2014
3. Tax penalties from 1 January 2016
4. Changes in the Slovak VATAct from 1 January 2016
5. Whistleblowing
The Romanian government has recently published the Government Ordinance no. 23/30.08.2017 (“GO 23/2017”) for introducing VAT split payment mechanism, as an anti-fraud measure. The implementation of the new VAT split payment mechanism will have a significant impact on the companies being VAT registered in Romania, such as increased administrative burden and cash flow impact, additional costs generated by changes in accounting information systems, additional bank charges and fees.
The purpose of this alert is to highlight the new requirements arising from the implementation of VAT split payment mechanism.
Since 2016 tax agents in Russia will become responsible for reporting the information on the calculated and withheld PIT amounts to the tax authorities on a quarterly basis.
China: Tax Bulletin-Latest update on VAT RegulationsAlex Baulf
Subsequent to Grant Thornton China's last update in July 2017, this VAT Alert summarizes some of the further significant changes on VAT regulations for your reference.
- Revision of the “Provisional Regulations of the People's Republic of China on Value-added Tax” (Referred to as “VAT regulation revision 2017“)
- Clarification on Input VAT Issues
- VAT regulations on specified financial products
- Changes on VAT invoices
- Simplified tax administration on registration of general VAT payers
HWC competence brochure - Tax & Accounting in UkraineSven Henniger
Specific of the Ukrainian Market
Accounting in Ukraine
Main Taxes in Ukraine
Start-Up Cost
International Payments
Payments in Foreign Currency
Corporate Profit Tax
Value Added Tax
Personal Income Tax
Unified Social Security Contribution
Military Tax
Simplified Taxation System (Single Tax)
Cash Payments
Foreign Currency Transaction
Licensing
Transfer Pricing
Personnel Administration
Options to Finance Ukrainian Subsidiaries
*10.2015
Download our Complete 2017 Tax Calendar for the Czech Republic and keep an eye on the main statutory filing obligations in order to avoid any penalties!
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on online registration of foreign loans with the State Bank of Vietnam; safe deposit box services by credit institutions; and capital gains tax on upstream change of control in the petroleum sector.
This VAT Alert sets out possible options for certain Spanish taxpayers to opt to in, in November 2017:
- Immediate Supply of Information on VAT (ISI)
- Special Register to receive monthly VAT refunds
- Deferment of Import VAT payments
Similar to Tax: Changes Anticipated in 2017 - Olga Mazina - TaXmas (20)
Презентация "Факторинг" на семинаре по хеджированию валютных рисков и управлению ликвидностью в России.
Марина Стешина, директор по факторингу АО «Райффайзенбанк», Андрей Захаров,
Старший вице-президент по факторингу АО «Райффайзенбанк»
27.10.2016 г. Семинар компании Аккаунтор и АО "Райффайзенбанк" на тему "Хеджирование валютных рисков и управление ликвидностью в России". Презентация Ильи Дулина, директора по продуктам казначейства АО «Райффайзенбанк».
27.10.2016 г. Семинар компании Аккаунтор и АО "Райффайзенбанк" на тему "Хеджирование валютных рисков и управление ликвидностью в России". Презентация Екатерины Лапшонковой, старшего вице-президента группы развития продуктов по управлению ликвидностью АО «Райффайзенбанк»
27.10.2016 г. Семинар компании Аккаунтор и АО "Райффайзенбанк" на тему "Хеджирование валютных рисков и управление ликвидностью в России". Презентация Евгения Сумина, заместителя директора департамента бухгалтерского и налогового учета компании Аккаунтор.
27.10.2016 г. Семинар компании Аккаунтор и АО "Райффайзенбанк" на тему "Хеджирование валютных рисков и управление ликвидностью в России". Презентация Евгения Сумина, заместителя директора департамента бухгалтерского и налогового учета компании Аккаунтор.
+ Трансфертное ценообразование в России: нормы и правила, действующие в 2016 г.;
+ Разъяснения налоговых органов, относящиеся к вопросам трансфертного ценообразования;
+ Трансфертное ценообразование: основы анализа (проведение функционального анализа, выбор методов, рассмотрение конкретных примеров, использование открытых источников информации);
+ Подготовка документации по трансфертному ценообразованию: предупреждения и рекомендации.
According to Chapter 33 “Trade Levy” of the Russian Federation Tax Code and Article 1 of the Law of the City of Moscow № 62 of 17.12.2014 “On the Trade Levy” (hereinafter referred to as the Law of the City of Moscow № 62), trade levy is being introduced within the territory of Moscow on July 1, 2015.
Foreigners living in Russia often ask us about some particularities with the legal system in Russia. Today we answer one of these frequently asked questions
When setting up a company in Russia, this raises a question about what options are available to finance an OOO (LLC) and what the benefits each brings. In our article we will attempt to explain the basics.
Civil, business, contract and corporate laws were significantly amended in 2015, and very important Supreme Court rulings have been issued. Both these new amendments and rulings will affect and shape all business structures in 2016.
A practical case study based on Accountor Russia’s experience of business processes review, optimization and internal management of changes. This presentation dispenses professional advice and tools which allow addressing complex and challenging issues that many companies face today.
Мы сравнили виды юридических лиц/ форм ведения бизнес для иностранных компаний в России (филиал, представительство, дочерняя компания (ООО), филиал 000) по следующему ряду параметров: общие сведения, регистрация, стоимость регистрации, требования к форме собственности, юридический адрес, активы, деятельность, обязательные корпоративные процедуры, отчетность, ответственность, учредительные документы, система управления.
We compare types of business activity forms for foreign companies in Russia in accordance with different parameters: general information, registration information, registration fees, ownership requirements, legal address, assets, activity,
obligatory corporate procedures, reporting, liabilit, constituent documents, additional procedures, anti-monopoly regulations, management
In this article we are answering two frequently asked questions among our clients:
I. How to dismiss an employee in Russia? What are the methods of dismissal?
II. What method of dismissal is the most effective, least risky, and best avoids conflicts to the maximum extent possible, both within the Company and with judicial bodies; how is it possible to dismiss an employee in the shortest period of time?
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Tax: Changes Anticipated in 2017 - Olga Mazina - TaXmas
1. TAX: CHANGES ANTICIPATED
IN 2017
17.12.2016
Olga Mazina
Director of Tax Consulting and Audit Department
Accountor Russia & Ukraine
TaXmas 2016
2. From January 01, 2017
Foreign companies providing electronic services to
Russian consumers will pay Russian VAT (No. 244-FZ dd
July 03, 2016)
If a foreign company operates through an agent (foreign or
Russian), VAT is withheld and paid by this agent
If a foreign company sells to Russian individuals directly, it
will be required to register with Russian tax authorities and
pay VAT itself
VAT on electronic services (1)
23.11.20162
3. Electronic services are services rendered through Internet/other networks using
information technologies
E.g.
Granting rights to use computer programs, databases
Advertising on the Internet
Posting on the Internet proposals for sale/purchase of goods/services/property rights
Processing technical information and offering other options for exchanges between
sellers and buyers. For example, trading platforms operating in real time
Website maintenance and modification, provision of access to websites
Data storage and processing provided the entity submitting data has access to data
through the Internet
Provision of domain names and hosting services
Administration of information systems and websites
Services automatically provided through the Internet (search, translation, etc.)
Granting rights to use electronic books, information, materials, music through the
Internet, including provision of remote access to view and listen through the Internet
Providing access to search engines on the Internet
Provision of website statistics
23.11.20163
VAT on electronic services (2)
4. Tax registration must be done within 30 days of start of service provision by sending an
application to tax authorities. A list of other documents required for registration will be
approved at a later date by the Russian Ministry of Finance
Calculation: VAT is calculated on the last day of the quarter in which payment from Russian
customer is received; VAT rate: 15,25%; conversion into rubles done using the exchange
rate of the Bank of Russia on the last day of the quarter.
Declaration: VAT to be declared through the taxpayer account at www.nalog.ru. Deadline:
25th of the month following the reporting quarter.
Payment: VAT to be paid by 25th of the month following the reporting quarter.
! No need to issue VAT invoices, maintain sale/purchase ledgers as well as VAT invoice
registers
! No right to VAT deductions
! Providing electronic services does not give rise to a permanent establishment in Russia
! The granting of rights to computer programs under license agreements remains exempt
from VAT for Russian and foreign sellers
VAT on electronic services (3)
23.11.20164
5. • In 2014, Russia ratified the Convention on Mutual Assistance in Tax Matters (No.
325-FZ dd November 04, 2014) which has been effective since July 01, 2015
• Countries from the G20, BRICS, OECD signed this Convention
• The Convention sets out instruments for all forms of tax cooperation among signatory
countries to tackle tax avoidance
• Administrative assistance includes:
- Exchange of information, including automatic exchange
- Simultaneous tax checks and participation in tax checks abroad
- Assistance with tax collection
- Taking measures to ensure document forwarding
• In Russia, the Convention applies in relation to income and property taxes, VAT,
excises, severance tax, transport/water/land taxes, special tax regimes, etc.
• Special focus on Transfer Pricing. TP-documentation will be standardized and
automatic data exchange will begin from 2017 onwards
17/11/20165
International exchange of tax information:
Focus on Transfer Pricing
6. • Companies are entitled to adjust taxes if transfer pricing results in tax
understatements
• Adjustments for 2016 may be included in annual profit tax return until
March 28, 2017
• A group of companies operating in Russia may make voluntary
symmetric tax adjustments
• All companies which concluded transactions with related non-residents
in 2016 must file a notice with tax authorities by May 20, 2017
• Fine for tax understatement in 2016 is set at 20% of unpaid tax and
40% of unpaid tax in 2017
• Transfer Pricing Documentation substantiating market level of transfer
prices releases company from fines. It is recommended to prepare
such documentation before entering into transactions.
17/11/20166
Transfer pricing: existing rules
7. From 2017
• Standardization of TP-documentation to facilitate automatic exchange of information
with foreign countries
• New rules will apply to Russian companies and foreign companies’ permanent
establishments in Russia provided foreign companies are part of a multinational
group of companies preparing consolidated reporting and the group’s annual
turnover is RUB 50 billion (= EUR 750 million)
• Additional reporting:
1) Notice of affiliation with a multinational group of companies
Submitted by Russian group members annually
Deadline: within 3 months of the end of the financial year
2) Country-by-Country report
Submitted by Russian companies - parent companies or authorized group members
Deadline: within 12 months of the end of the financial year
3) Global documentation (=Master File)
Submitted by Russian companies – parent companies or authorized group members
Deadline: within 3 months of a request from tax authorities
4) Local documentation (=Local File)
Deadline: within 3 months of a request from tax authorities
17/11/20167
Transfer pricing: anticipated changes
8. From July 01, 2016
Exporters may claim VAT deductions before submission to tax authorities
of documents supporting 0%-rate
Change applies to VAT deductions for goods/services/rights acquired by
exporters after July 01, 2016 (150-FZ dd May 30, 2016)
Change does not apply to export of raw materials (wood, chemicals,
minerals, metals, etc.)
17/11/20168
VAT refund for exporters
9. From January 01, 2016
Bank loans are not deemed controlled debts, if
- The bank (including foreign banks) is not related to the Russian borrower or the entity that
secures the loan;
- The entity that secured the loan did not repay the loan or interest for the Russian borrower
(e.g. the provision was not claimed)
From January 01, 2017
Loans received from related foreign individuals are controlled debts so their interest is
limited for tax purposes
Loans received from sister companies are controlled debts so their interest is limited for tax
purposes
Relatedness is identified by the general rules set out in the Russian Tax Code
(direct/indirect share of more than 25%, share of 50%, etc.)
Controlled debt amount is calculated as the sum of all the debts owed to a foreign entity
and its related parties
Interest is limited on a quarterly basis and no annual recalculation is required
(No. 25-FZ dd February 15, 2016).
17.11.20169
Corporate income tax/profit tax:
thin capitalization rule is changed
10. From January 01, 2017
More companies will apply the simplified taxation system. A company will be
entitled to apply this system if:
its income for the 9 months preceding its application for simplified taxation
system does not exceed RUB 90 million (currently RUB 45 million indexed at
1,329)
When companies’ total annual income exceeds RUB 120 million (currently
RUB 60 million indexed at 1,329), they no longer are entitled to apply the
simplified taxation system
The new thresholds will not be indexed in 2017-2019, and the index for 2020
will be 1.
The book value of company’s fixed assets does not exceed RUB 150 million
(No. 243-FZ dd July 03, 2016)
Reminder: companies may apply the simplified taxation system provided no other
companies own more than 25% of their share capital
17/11/201610
Simplified taxation system
11. From January 01, 2017
Federal Law 212-FZ will be abolished in 2017. Chapter 34 of the Russian Tax Code will
regulate social contributions (No. 243-FZ dd July 03, 2016)
The administration of contributions (except contributions for insurance against work-
related accidents and occupational diseases) will be transferred to the Federal Tax
Service, including payment monitoring, debt collection and reporting
No substantial changes to the procedure for calculating contributions. Daily
allowances for business trips exceeding RUB 700 for trips in Russia and RUB 2,500
for trips abroad will be subject to social contributions (except contributions for
insurance against work-related accidents and occupational diseases)
Report on contributions for pension, social and medical insurance will be sent
quarterly until 30th of the month following the reporting period. The Federal Tax
Service approved the report form (Order No. MMB-7-11/551@ dd November 10,
2016)
Social insurance against work-related accidents and occupational diseases
If a company fails to inform the Social Insurance Fund about its actual type of
activity, this company will pay contributions calculated on the basis of the
company’s most hazardous type of activity as recorded in the State Register of
17/11/201611
Social contributions
12. From January 01, 2017
Companies are to send to the Pension Fund monthly data on insured
employees (SZV-M). Deadline: by 15th of the month following the
reporting period (currently by 10th)
Personalized reports on pension data to be sent to the Pension Fund
annually by March 1st of the year following the reporting year (currently
quarterly by 15th/20th of the second month following the reporting
period)
17/11/201612
Personalized reports for Pension
Fund
13. From January 01, 2017
From 2017 onwards, companies will be able to make arrangements for
an independent assessment of their employees’ qualifications. The cost
of this assessment will be:
- deductible from profit tax base
- not included in employees’ taxable income
Individuals will be able to arrange for an independent assessment of
their qualifications and the cost of such assessment could be claimed as
social deduction up to a maximum of RUB 120,000 (together with
educational, medical costs, etc.) To apply for deductions, personal
income tax must be declared on Form 3-NDFL
(251-FZ dd July 03, 2016)
17/11/201613
Independent assessment of
qualification: tax implications
14. • New thresholds for transfer of tax loss for future periods
Maximum of 30% of tax loss of past periods may be deducted from taxable
profit (currently 100% of tax loss of past periods may be deducted)
No time limit for such deduction (currently 10-year limit)
• New profit tax rates
3% - state budget 17% – regional budget (currently 2% and 18%
respectively)
17.11.201614
Corporate income tax/profit tax:
anticipated changes
15. • Penalties may increase
First 30 calendar days – 1/300 of Central Bank rate, from 31st day – 1/150
of Central Bank rate (i.e. if Central Bank rate is 10%, penalties will be
calculated at 24%)
• Taxes may be paid by a 3rd party
A company’s owner, general director or counterparty may pay taxes on
behalf of the company
17/11/201615
Tax administration: anticipated
changes
16. :
• ISA in Russia
International Standards of Auditing (ISA) issued by the International Federation of Accountants
(IFAC) will be applied in Russia from 2017 onwards
ISA and information about their implementation status may be found at:
http://minfin.ru/ru/perfomance/audit/standarts/international/
The scope of audit work will be extended, audit approaches will become global, audit will cover
different parts of corporate activities (risks, internal control, etc.)
Auditors working under audit contracts signed before 2017 will still be able to apply old audit
standards.
• Mandatory audit of construction companies
From 2017 onwards, construction companies that raised money for shared construction will be
subject to mandatory audit (No. 304 –FZ dd 03.07.16).
REMINDER: statutory audit is mandatory if in the year prior to reporting
Asset value > RUB 60 million Net turnover > RUB 400 million
17/11/201616
Audit
18. Thank you for your time
and attention
191015, Russia, St. Petersburg, Shpalernaya ul. 54
Phone: +7 812 325 82 94 (281)/cell: +7 921 189 88 34
Olga.Mazina@accountor.ru
www.accountor.ru
01/12/201518