Finance, Tax & Accounting

Latest News

Language

• Russian

• June 28, 2011 by Russia Briefing
  

  Chinese Investment Corp. to Buy 5 Percent Stake in Russian Sberbank

  Jun. 28 – China Investment Corporation, the country’s US$300 billion sovereign wealth fund, is considering buying a 5 percent stake in OAO Sberbank, Russia’s biggest lender, media reports say. According to Interfax, the first round of negotiations has already taken place. Sberbank, a crown asset in Russia’s three-year US$35.5 billion privatization drive, is selling off[…..]
• June 27, 2011 by Russia Briefing
  

  Russia’s Tax System Needs to be Changed

  Jun. 27 – Russia’s tax system development trends show no grounds for optimism according to Vladislav Inizemtsev, head of the Center for Post Industrial Society Research. The current tax system has been developed in 1990, and since then its very goal was to maximize federal budget revenue. From 1992 to 2006, the federal budget expenditures[…..]
• June 22, 2011 by Russia Briefing
  

  More Russians to Enter Latvia’s Banking Sector

  Jun. 22 – The newly-founded Rigensis Bank, owned by Russian businessman Igor Tsyplakov, has received its banking license and will launch operations in the first quarter of 2012, Nozare.lv was informed by the bank‘s soon-to be-chairman of the board, Rolands Petersons. According to Rolands Petersons, the quantity of initial investments will amount to US$20 million.[…..]
• June 20, 2011 by Russia Briefing
  

  Russia and India to Boost Trade Up to US$20 Billion

  Jun. 20 – India and Russia plan to boost trade to US$20 billion per year by 2015, Indian Commerce and Industry Minister Anand Sharma said during a round table discussion at the economic forum in St. Petersburg. The two countries announced that they have decided to start negotiations to draw up a trade agreement between[…..]
• June 14, 2011 by Russia Briefing
  

  Russia to Launch US$10 Billion State-Backed Direct Investment Fund

  Jun. 14 – Russia hopes to win over foreign investors who still regard the country as a no-go zone by launching a US$10 billion state-backed fund. Prime Minister Vladimir Putin has addressed private equity and sovereign wealth funds representing a combined US$2 trillion of wealth during the world’s most powerful investors gathering in Moscow’s Vozdvizhenka[…..]
• June 7, 2011 by Russia Briefing
  

  Russia’s VTB Capital to Expand Internationally

  Jun. 7 – VTB Capital, Russia’s top investment bank and the county’s second biggest lender, plans rapid overseas expansion of the firm’s international business to diversify its income streams. “We are looking to grow in absolute terms – but also to help VTB generate a quarter, a third or more of its revenues from international[…..]
• May 11, 2011 by Russia Briefing
  

  Russia Has Special Tax Culture

  May 11 – Russia provides a very interesting example for a “different” tax culture from a Western point of view, economists who have studied Russian cases as well as market players who have experienced the country’s tax culture agree. “The perceptions of tax obligations among Russians significantly differ from ones in developed economies. Somehow, tax[…..]
• April 6, 2011 by Russia Briefing
  

  Russian Courts Rule ROs are Permanent Establishments

  Apr. 6 – On December 8, 2010 the Moscow State Commercial Court issued its decision in a case involving an analysis of whether the collection of information can result in an entity being deemed to constitute a permanent establishment under Russian law and the double tax treaty between Russia and the United States. The taxpayer,[…..]
• March 28, 2011 by Russia Briefing
  

  The Auction House of Russia to Start Operating in Siberia’s Novosibirsk

  Mar 28. – The Auction House of the Russian Federation will open a sub-office in the Siberian city of Novosibirsk on Wednesday. By the end of the year, the Auction House plans to sell properties worth about US$34.5 billion. The sub-office will put on the market assets of their clients from several regions of Siberia,[…..]
• March 25, 2011 by Russia Briefing
  

  Russia to Put Int’l Financial Reporting Standards into Practice Next Year

  Mar. 25 – Leaders of the accounting profession discussed the pros and cons of implementing International Financial Reporting Standards in Russia’s regional banks association conference Wednesday. “It’s not a question of where we should go,” Deputy Finance Minister Sergei Shatalov said at a conference, “but of how [we should get there] and at what pace.”[…..]