Finance, Tax & Accounting

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• November 14, 2011 by Russia Briefing
  

  Restrictions for Russian Entities Listing Abroad to Last Until 2013

  Nov. 14 – Restrictions on Russian companies that want to list equity on foreign exchanges will not be lifted until a central security depositary is fully implemented, Federal Financial Markets Service (FFSM) Head Dmitry Pankin said on Thursday. Speaking at a Deutsche Bank forum, Pankin said the restrictions on foreign listings could only be removed[…..]
• October 24, 2011 by Russia Briefing
  

  Severance Packages for Senior Executives to be Taxed Starting Next January

  Oct. 24 – Russian Finance authorities are trying to take another stab at tax severance packages of senior executives. According to Deputy Finance Minister Sergei Shatalov, “severance packages for senior managers at Russian companies are likely to be taxed starting next year.” “Most likely we will in the near future make the decision that ‘golden[…..]
• October 17, 2011 by Russia Briefing
  

  Unilever to Expand its Business in Russian Beauty Market

  Oct. 17 – The Anglo-Dutch Unilever PLC said Friday that it had agreed to buy 82 percent of the Yekaterinburg-based beauty and cosmetics products manufacturer OJSC Concern Kalina for 500 million euros (US$700 million). The deal, which has to be approved by regulators, “will strengthen and re-balance Unilever’s portfolio and competitive position in Russia, an[…..]
• October 13, 2011 by Russia Briefing
  

  VTB to Accept Deposits in Chinese Yuan

  Oct. 13 – VTB 24, the retail-lending arm of the state-run VTB Bank, begins accepting Chinese yuan deposits starting this week, President and Chairman Andrei Kostin stated in a speech during the VTB Capital Investment Forum in Moscow. “For all those who’d like to open accounts not only in rubles, dollars and euros, but also[…..]
• October 7, 2011 by Russia Briefing
  

  Capital Outflows from Russia Far Outweigh Expected Figures

  Oct. 7 – The ruble dropped to its weakest close against the dollar in more than two years on Wednesday, while the outflows of capital from Russia reached an estimated US$18.7 billion in the third quarter, bringing this year’s total to US$49.3 billion, the Central Bank said. Yesterday, the ruble was slightly strengthened to 32.56[…..]
• September 19, 2011 by Russia Briefing
  

  Oil Tax Reforms to Be Set in Weeks

  Sept. 19 – Oil tax reforms should be set shortly, a senior Exxon executive told reporters last Friday. Russia’s top oil producer Rosneft signed a major deal with ExxonMobil last month to drill for oil and gas in the Russian Arctic without a clear tax regime for the potentially capital-intensive project. The initial commitment was[…..]
• July 19, 2011 by Russia Briefing
  

  Russia to Relieve Foreign Investors from Gains Tax

  Jul. 19 – Russian President Dmitry Medvedev has signed a law that makes amendments to Article 309 of the Russian Tax Code. The law makes the Russian securities market more attractive to foreign investors as it states that income received by them from sale of shares in Russian equities listed on a stock exchange is[…..]
• July 18, 2011 by Russia Briefing
  

  Sberbank to Expand to Europe

  Jul. 18 – Russia’s Sberbank will buy the Eastern European arm of Oesterreichische Volksbanken for an estimated US$1 billion. The deal could be sealed by the end of July and will give Russia’s biggest lender a platform to establish a global presence. VBI would serve as a springboard to further expansion in Europe, RIA Novosti[…..]
• July 13, 2011 by Russia Briefing
  

  Russian Bankers to Get Nice End-of-Year Bonus

  Jul. 13 – More than half of Russia’s banking specialists have received end-of-year bonuses, and 52 percent of them claimed the size to be higher than the previous year while the fixed part of the salaries hasn’t changed, the study “Banking Sector: Market Overview and Salary Survey” held by Antal Russia shows. The study also[…..]
• July 8, 2011 by Russia Briefing
  

  Russian Parliament to Close Loopholes in Tax Legislation

  Jul. 8 – The State Duma of Russia’s Federal Parliament passed a bill on Thursday enabling the Federal Tax Service to control transfer prices for goods and services traded between parent companies and their affiliates starting Jan. 1, 2012 in a measure expected to prevent tax evasion. The bill, which was first drafted by the[…..]