NEWS DIGEST, JULY 2020

 

Welcome to our newsletter with a selection of news and the most important regional updates for Russia & the CIS for July 2020. Hope you will find our news useful for your business!

SCHNEIDER GROUP NEWS

3 success factors for a top manager

What defines the success of a top manager? How can business cope with the challenges of lockdown and remote work?  What makes a team efficient and what is the role of agility in business decision-making?  What are the lessons learnt from the corona-lockdown?
Get the answers to these and many other interesting questions in the exclusive interview with SCHNEIDER GROUP Founder & President Ulf Schneider.
Read more.

Increasing complexity of human records management as a major driver for accounting outsourcing services

Understand the influence of coronavirus and impact of digitalization on the accounting outsourcing market in an exclusive interview with Ekaterina Lozhkova, Financial Director, Partner, SCHNEIDER GROUP for the biggest Russian ranking portal RAEX.
Read more.

5TH MANUFACTURERS’ FORUM

Meet us at the 5th Manufacturers Forum in Frankfurt am Main (September 25th).
Learn “How is Russia performing economically as compared with other markets? What is the corporate experience of location and producing in Russia?”  from Daniel Thorniley, Founder and President, DT Global Business Consulting GmbH.
Join the discussion as a Guest, become a Speaker or event Partner.

DOING BUSINESS IN RUSSIA: CHANCES FOR GERMAN MID-SIZED BUSINESSES

Join Ullf SCHNEIDER & Lars Flottrong in the online event by Bundesverband mittelständische Wirtschaft and SCHNEIDER GROUP on August 18th, 4 p.m. (MEZ). Find out what are the industries with the biggest potential? How have the international sanctions influenced market dynamics and purchasing power? Can I sell in Russia without registering a local business entity? What are the specific certification requirements?

REGIONAL UPDATES

Uzbekistan

Transition to IFRS reporting

Starting January 1st, 2021, business entities in Uzbekistan are to organize IFRS reporting and to ensure the availability of qualified personnel for a smooth transition to new standards.
SCHNEIDER GROUP Uzbekistan offers reporting preparation and education courses for in-house accountants. Find out more here.
Request information on IFRS education for accountants.

The Chief Sanitary Doctor has supplemented the self-isolation rules for those arriving to the Russian Federation

Changes in self-isolation rules for people arriving to Russia

Starting August 1st, Russian citizens returning to Russia on exported flights are not obliged to observe 14 days of self-isolation. This restriction still applies to foreign citizens arriving to Russia for work.
Read more and request consultation on the requirements for entry of your employees.

Digital marking of medicines comes into force on July 1st, 2020

All medicines intended for the Russian market must be marked with a unique digital code for protection against counterfeiting and tracking the movement of medicines from the manufacturer to the final consumer.
Read more and request information on ensuring compliance with labelling requirements.

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pharma

Changes in advertising of medicines

The Federal Antimonopoly Service of Russia allows advertising of medical activities only with a corresponding license.
Read more and get in touch to check if license is required for you.

Putting unmarked drugs into circulation (July 1st, 2020 – January 1st, 2021)

The regulation is valid for drugs produced without application of identification means inside the Russian Federation from July 1st, 2020 to October 1st, 2020 and outside Russia until October 1st, 2020.
Read more and request assistance to clarify the procedures for your medical goods.

The RF Government established the procedure for putting unmarked drugs into circulation from July 1, 2020 until January 1, 2021
Unrecognizable businessman examining papers at table. Manager with ballpoint pen filling business papers. Close-up of male hands working at desk. Analyzing documents concept

Changes in business liquidation procedures

Starting August 13th, 2020, employers will not be able to liquidate a legal entity until the employees have received severance pay in full.
Read more and request a checklist for safe liquidation of a business entity.

Multilateral convention to implement tax treaty related measures comes into force 

The adoption of the MLI combats tax evasion and abuse of tax benefits granted under double taxation treaties (DDT).
Read more and request support in assessing the possible impact of changes for your business.

Russia Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting – New Reality
it-nearshoring-industry

Tax changes for IT companies

On July 22d, the law specifying changes in taxation in IT, including a number of benefits such as VAT, profit tax, and insurance premiums was adopted.
Read more and get in touch to evaluate the possibility of using tax incentives for your company.

Belarus and Russia signed a treaty on mutual recognition of visas

Foreign citizens who enter, exit, stay, or transit in the visa regime, have a visa of one of the states, and have a valid identity document, will be able to freely enter, leave, stay or transit through the territories of Belarus and Russia during the validity period of the visa.
Read more and request clarifications on treaty application.

Flag of Belarus
digital money transfer technology background

Three-tier transfer pricing documentation

Starting from 2021, in addition to the Report on Controlled Transactions and Notification on participation in the international group of companies an additional set of documents is required.
Read more and request consultation to ensure compliance of your transfer pricing with the legislative updates.

New rules for legal entities in connection with anti-money laundering rules

The new law puts the ultimate beneficial owners (UBO) of legal entities under special state control and obliges to submit the information about the UBO into the unified state register.
Read more and request information on the legal requirements for UBO disclosure.

Hand with pen over application form
1029990569

Meet Great Stone Industrial Park

Great Stone Industrial Park in Belarus offers residents various tax incentives and ready-to-use infrastructure for a smooth business start in Belarus.
Get more details. Interested in becoming a resident? – Get in touch now!

Changes to the licensing of medical services

Changes in licensing of medical services are to come into force on August 28th, 2020.
Read more and request consultation on new types of services and licensing procedures.

New obligations regarding employee health examinations_V2
Technological devices, financial document with pen, glass of water at workplace on background of three business partners striking deal

COVID-19 related state support for businesses

Subsidies from the Social Security Fund of Belarus are available for local companies to minimize COVID-19 influence on the economy.
Read more and check if your business entity in Belarus qualifies for support.

No 14-day quarantine upon arrival to Belarus for residents of more countries 

Foreign citizens arriving in Belarus should have negative COVID-19 test results (conducted not later than 2 days before their arrival in Belarus).
Read more and request consultation on enabling entry of your foreign employees to Belarus.

Kazakhstan

Amendments to corporate tax calculations

The Parliament of the Republic of Armenia adopted amendments to the Tax Code regarding the profit tax prepayment system on June 16th, 2020 to support taxpayers suffered from COVID-19.
Request consultation to evaluate if these tax incentives can be valid for your business.

US Tax Form 1040

Changes to the legislation on personal data and digital documents

On June 25th, 2020, the President of the Republic of Kazakhstan signed the law on the regulation of digital technologies to improve personal data protection.
Read more and request consultation on ensuring compliance with the updated law.

Tax incentives for businesses suffered during the corona-crisis

Prolongation of tax payment deadlines, 8% VAT for sales and import of goods included in the list of the socially significant products, and other incentives are available for micro, small, and medium businesses.
Read more and check if your business entity in Kazakhstan qualifies for support.

Russian government introduces measures to support the economy in connection with the spread of coronavirus infection COVID-19.
business man financial inspector and secretary making report, calculating or checking balance. Internal Revenue Service inspector checking document. Audit concept

Extended deadlines for preparing and submitting financial statements

For entities which are the subject of the supervision of the Polish Financial Supervision Authority (KNF) (e.g. listed companies, banks), the deadline was extended by 2 months.
Read more and request consultation on extended deadlines and procedure changes.

Request more information

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