ALTHAUS Private Tax in Chambers and Partners

Chambers and Partners announced Private Wealth Law Ranking 2020 – ALTHAUS Private Tax practice has entrenched its positions being recognized one of the best in Russia.

 

The Chambers and Partners also praised the outstanding quality of Sergey Gerasimov’s work, ALTHAUS Private Tax Managing Partner.

 

Please follow the link to learn more click here

 

Congratulate the whole team on a well-deserved honor, and wish new successes and achievements!

The deadline for submitting Cash flow reports is coming

Cash flow reports on foreign bank account of Russian residents shall be submitted by the 1st of June (Cash flow reports submission deadline – короткая версия)

By June 1, 2020, all individuals must submit cash flow reports on their foreign bank accounts for the period of 2019.

However, starting from January 1st, 2020 there is an exemption to the rule: submission of a report is not required if the respective account is opened in CRS or EAEU member states, and if at least one of the following criteria is satisfied:

– the amount of funds credited to the account does not exceed 600 thousand ₽; or

– account balance does not exceed 600 thousand ₽ (providing there was no crediting on the account over a year).

 

Failure to submit a cash flow report (on each particular bank account) may lead to imposing fines :

– from 2 to 3 thousand ₽ for a single violation,

– 10 thousand ₽ for a repeated violation.

According to the latest amendments to the Russian currency control regulations, as of 2021 the respective statements are to be submitted on non-bank accounts either (e.g. brokerage accounts).

Yours,

ALTHAUS Private Tax

ALTHAUS Private Tax in Legal500

ALTHAUS Private Tax top-ranked in the Legal500

On 15 April 2020 there were published the results of the annual international legal rankings Legal500.

ALTHAUS partners have strengthened their positions and are top-ranked in the “Tax” and “Private Client” categories.

The Legal500’s expert team evaluated the applicants all over Russia, paying special attention to the following factors: complexity of business cases, innovative solutions and legal capacity of the participants.

 

According to the rankings, ALTHAUS partners are recognized as leading experts in the following categories:

  • Sergey Gerasimov –  “Tax”, advising private clients,
  • Maxim Klyuchnikov – “Private Client”, specializing in international tax planning,
  • Rostislav Shatyonok – “Tax”, advising on TMT, finance and technology,
  • Igor Smirnov – “Tax”, advising on TMT, finance and technology.

 

You can see the results by clicking here.

We congratulate the team on the nominations and wish them further success and new victories!

ALTHAUS Private Tax

New Russian Central Bank Instructions

On March 26th, 2020 the Russian Central Bank issued an instruction “On cases of crediting of funds to resident accounts/deposits opened at financial market organizations located outside the territory of the Russian Federation and debiting from such accounts/deposits”.

According to the instruction crediting to and debiting from accounts opened at financial market organizations located outside the territory of the Russian Federation shall be made without restrictions.

 

The instruction is published on the website of the Central Bank on April 6th and will officially enter into force on April 17th.

ALTHAUS Private Tax

Deadline is March 20th!

Through thick and thin, 20th of March is the deadline for submission of a notification on being a controlling person of a controlled foreign company (CFC).

Shareholders of foreign companies and controlling persons of holding structures without a legal personality still have time to submit the notification without being fined (100 000 rub. for each non-declared CFC).

Happy Women’s Day!

Today ALTHAUS Private Tax wishes you, dear women, Happy Women’s Day!

Let the inspiration, joy and smile always be with you!

 

Conference on family law and succession planning

ALTHAUS Private Tax together with FinTaxTop organizes the first annual online conference on family law and succession planning. Within two days 25 leaders of industry from Russia, the USA, Switzerland, the UK, Liechtenstein and other countries will share their experience and knowledge with participants of the conference.

Succession planning will be considered from different perspectives: legal, economic, social, psychological and financial. The aim is to indicate pressure points in the field – what kind of risks underly the estate planning process within Russian business families? How can they be prevented?

Top-ranked experts including lawyers, trustees, notaries, business consultants and psychologists will answer all these and many other questions.

Dates of the conference: March 24th – 25th, 2020

Download programme of the event.

Register at: http://fintax.top/familylaw

The last opportunity to eliminate currency control risks

February 29th, 2020 is the deadline for submitting a special tax return in the framework of the Russian tax amnesty. The “third wave” amnesty allows to declare foreign bank accounts, CFCs, real estate and several other types of property.

Submission of a special tax return guarantees exemption from tax offenses liability, as well as criminal and administrative liability.

Tax amnesty has become specifically relevant due to the latest amendments into the Russian currency control regulations (as of 02.12.2019). According to these amendments, transferring funds to the bank accounts in jurisdictions which do not automatically exchange financial information with Russia (e.g., USA, UK, Turkey, Lithuania, Ukraine and Montenegro) are subject to significant restrictions.

In particular, from December 2nd, 2019 the following types of transactions cannot be executed via the abovesaid accounts:

  • Foreign currency loans,
  • Coupon yield,
  • Dividends,
  • Capital gains on sales of securities,
  • Redemption of bonds etc.

Conducting the above-mentioned transactions may result in imposing fines ranging from 75% to 100% of the amount of such transactions. Thus, those who failed to transfer assets to the “exchanging” jurisdictions prior to 02.12.2019 still have the opportunity to use the tax amnesty and avoid fines.

ALTHAUS Private Tax experts are ready to advise on the use of the amnesty in each particular situation and prepare and submit a special tax return within the shortest timeframes possible.