Finance, Tax & Accounting

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• August 9, 2010 by Russia Briefing
  

  Ministry of Finance to Introduce New Taxation Mode

  Aug. 9 – Beginning next year, registered individual businesses will be able to pay taxes under patents when the unified imputed tax (UIT) is abolished, according to amendments to the Tax Code published on the Ministry of Finance web site yesterday. Imputed taxation applies to specific and typically small business activities involving trading with the[…..]
• August 5, 2010 by Russia Briefing
  

  National Financial Education Program to be Settled in Russia

  Aug. 5 – The Russian Ministry of Finance plans to begin the US$100 million National Financial Education Program, the Vedomosti reports. The program will be realized within five years with financial and ideological support from the World Bank. “During the preparation, we have conducted a number of surveys which confirm considerable problems in society’s perception[…..]
• August 4, 2010 by Russia Briefing
  

  Customs Union Costing Russia US$158 Million

  Aug. 4 – The Accounts Chamber of the Russian Federation has tallied state budget losses of US$158 million since the Russian Federation, Republic of Kazakhstan and Republic of Belarus launched the Customs Union, according to a federal body information department report released yesterday. According to Accounts Chamber auditors Igor Vasilev and Victor Kosourov, the reduction[…..]
• August 2, 2010 by Russia Briefing
  

  Global Investors to Increase their Russian Equities

  Aug. 2 –Foreign investors invested US$103 million into Russian equities last week after an outflow of US$11 million the week before according to the experts at EPFR Global. From the beginning of this year, the net-inflow of investment into Russian funds totals near US$2.1 billion. ″Judging from EPFR data, optimism has returned to emerging market[…..]
• July 30, 2010 by Russia Briefing
  

  Goldman Sachs and Credit Suisse Buy Stakes in Bank of Moscow

  Jul. 30 – International investment banks Goldman Sachs and Credit Suisse bought stakes of 3.88 percent and 2.77 percent, respectively, in the state-run Bank of Moscow. According to Reuters, the Bank of Moscow has a total market cap of US$5.1 billion.”Goldman Sachs has investments in more than 20 projects in Russia, but there is no[…..]
• July 28, 2010 by Russia Briefing
  

  Russia May Ease Export Regulations

  Jul. 28 – President Dmitry Medvedev agreed to allow the transportation of goods through the Russian border without a “transaction passport” if costs do not exceed US$100,000. Yesterday, during the presidential commission on economic modernization, the head of state-run Russian Venture Company Igor Agamirzjan enumerated the problems that disturb venture investments and what needs to[…..]
• July 27, 2010 by Russia Briefing
  

  Post Operator Pochta Rossii to Enter Money Transfer Market

  Jul. 27 – Russia’s state-run national post operator Pochta Rossii has entered the immediate money transfer market with a new service named Forcage, which will allow funds transfer within an hour, according to the company’s press release. Before establishing this service, the delivery of funds took anywhere between four hours to three days. Now, delivery[…..]
• July 22, 2010 by Russia Briefing
  

  Russian Government to Introduce Differentiation on Taxation of Oil Producers

  Jul. 22 – The small deposit developers of the Russian oil industry may soon be granted tax cuts, Russian daily Vedomosti-Kazan reports. The Ministry of Finance has published the final draft of the tax code amendment on a its official site, which places a differentiation on the taxation of deposits depending on its stocks.
• July 13, 2010 by Russia Briefing
  

  Federal Financial Markets Service to Make the Issuing of Securities More Transparent

  Jul. 13 – The Russian Federal Financial Markets Service (FFMS) wants to make the issuing of securities more transparent, proposing that they work together with the Ministry of Economic Development and Trade (MEDT), to make companies release information about increasing number of vote voices supervised by each shareholder in addition to changes in stockholder’s shares.[…..]
• July 9, 2010 by Russia Briefing
  

  Russia, Kazakhstan and Belarus Create Customs Union

  Jul. 9 – Russia, Kazakhstan and Belarus have reached an agreement creating a new Customs Union (CU)  starting this week that will put all three countries under one customs territory. The new Customs Code will simplify Russian-Kazakhstan border customs registration, though Customs control at the border will be remain until 2011. The three countries have[…..]