On May 31, 2023, the Russian Government introduced Draft Law No. 369931-8 to the Russian State Duma. This draft law makes a number of amendments to the Russian Tax Code. One of the most significant changes is a revision of the procedure for taxing the personal income of those who have lost their tax residency and receive income from working remotely for Russian employers and income from the services they provide and the work they perform over the Internet.

Russian IT companies that hold state accreditation and currently enjoy tax benefits, such as a 0% corporate income tax rate and reduced insurance contribution rates, should be aware of recent changes in the accreditation conditions. Many of these companies have failed to disclose their tax secrecy, a precondition for accreditation, as alerted by the Ministry of Digital Development, Communications, and Mass Media.

On April 20, 2023, the German-Russian Chamber of Commerce (AHK Russland) held a Legal & Financial Update conference where speakers and participants addressed the most topical issues of the legal landscape for business.

On March 27, 2023, the Government Commission for Control over Foreign Investment in the Russian Federation (further the Commission) published an extract from the minutes of its meeting of March 2, 2023, No. 143/4, which revised the conditions for granting permits for transactions aimed at disposing of shares/stocks by foreign participants/shareholders from so-called “unfriendly” countries.

The portal Pravo.ru published on February 21 its annual individual ranking of lawyers by area of law as a continuation of Pravo.ru-300 law firm rating, the results of which were announced in December.

On January 11, 2023, the Committee on Taxes and Financial Reporting of the German-Russian Chamber of Commerce held its first meeting this year, at which Anton Kabakov gave a presentation.

Forbes Club has recently published the results of a survey of Russia’s top law firms that protect the interests of high-net-worth individuals — Forbes Club Legal Ranking. Forte Tax & Law has been recommended in as many as four categories of the ranking.

An awards ceremony for the leaders of the Pravo-300 Rating was held in Moscow on Friday, December 2, 2022. This research is the most authoritative among Russian ratings of law firms. It is conducted annually, and this year, Forte Tax & Law has received an award already for the fifth time.

The Russian Tax Code has been amended to exempt interest forgiven by a foreign lender from corporate income tax.

Over the last few months, we have been supporting our clients in their pulling out of the Russian market. Herewith, we would like to share a brief summary about options of doing so and the consequences an international company may face.