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Russian regulation changes in 2017 Dec 28

Press conference by the President of the Russian Federation Vladimir Putin: results of 2016

At 23 of December 2016 Russian President Vladimir Putin held his 12-th annual Press Conference in Moscow. The key topics of this event were issues of economy, social sphere and foreign policy.

Touching upon economy as explained by Vladimir Putin there will be record low inflation rate in Russia in 2016 - surely less than 6%. Internal Gross National Product (IGNP) decay in this year will be 0,5-0/6 %, against 3,7% in previous year. «IGNP growth in this year is caused by growth of some industries of the real sector of economy: machine industry, customer goods processing industry, agricultural sector. The budget deficit in 2016 will approximately 3.7% compared to a year earlier - 2.6%. We have a foreign trade positive balance – more than $ 70 billion. There is an industrial production growth, capital outflow decrease: 2014 – more than 500 billion, 2015 – 57 billion, 2016 – 15-16 billion. Export of information technology was almost zero, and now -7 billion,"- says the President of the Russian Federation.

 About imports phase-out of industrial sector: «Our imports purchasing have decreased by 10% (earlier it was 49%, now - 39%).We made the steps of imports phase-out in a number of industries: pharmaceutical industry, chemical industry, consumer goods industry, machine industry, road machinery, defense industry, agriculture industry» - said Vladimir Putin.

About relations with Europe: «Whatever happens we are interested in developing relations with Europe»

About stake sale of Rosneft to foreigners: Rosneft sold a 19.5 percent of stake to a consortium of commodities trader Glencore and the Qatar Investment Authority (QIA), a sovereign investment fund.«The shares sale of "Rosneft" revitalizes the economy and the arrival of Glencore and the QIA in shareholders "Rosneft" will increase the quality of management of company"- thought the President.

Companies can pay taxes and contributions for each other

It was moved an Amendment to Federal Law of November, 30 №401-ФЗ about taxes and contributions payment. Now taxes and contributions payment can be paid by Director, employee, contractor or partner organization.

The Amendment for taxes have entered into force on November 30, 2016 and for contributions – on January, 1 2017.

It offers advantages:

      1) if your bank account was blocked you can pay taxes through another company in time;

      2) companies within holding can pay taxes and contributions for each other 

But there are two dangerous consequences and it is recommended to apply a new Amendment with caution:

a)     tax authorities can use payment orders of other company as proof of business split and interdependence. Therefore it is riskily to pay taxes of one company from bank account of another company;

b)     inspectors may apply payments incorrectly and it will be delinquent tax

Tax debts of companies will not be tax secret

Since January 1, 2016 there was new data which was non-public earlier. This is information about insurance contributions.

Since June 1, 2016 new details have added to a list of public information – there were tax debts, average number, income and expenses in accounting statement according to article 102 of Tax Code of Russian Federation

On July 1, 2017 Federal Tax Service of Russia will publish new information about companies that previously served as a tax secret on website www.nalog.ru. New public information will include:

1) penalties for tax abuse;

2) tax treatment;

3) tax debts

The President of the Russian Federation Vladimir Putin have signed a Law on new minimum wage amount 

New minimum wage amount is regulated by Federal Law of December 19, 2016 №460-ФЗ. Since July 1, 2017 it will be 7800 rubles for regions. Pay your attention that now and since January 1, 2017 regional minimum wage would be 7500 rubles.

While:

- since October, 1 2016 – 17561 rubles for Moscow

(the Moscow trilateral agreement for 2016-2018 between the Moscow government, Moscow associations of trade unions and Moscow associations of employers of December 15, 2015)

- since December, 1 2016 – 13750 rubles for Moscow region

Should any questions arise in connection with the above or if you need any additional materials, please contact LEINONEN specialist.

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