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On 19th February 2018, a
legislative package on the extension of the tax capital amnesty and the
tax-free liquidation of foreign companies came into force.
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One of the biggest and most popular Internet companies, LinkedIn, has become the first target of the recent Russian data localization law. The legislation requires businesses operating online to keep Russian Internet users’ data on servers located within Russia. Read more...
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The
Federal Tax Service of Russia issued Letter â„– CA-4-7/ 6152 @ of 16.08.2017, in
which it clarified to its subordinate tax authorities the application of new Art.
54.1 of the Tax Code of the Russian Federation "Limits on the Exercise of
Rights in Calculating the Tax Base and (or) the Amount of Tax, Levy, Insurance
Contributions", which was included in the Tax Code of the Russian Federation
by Federal Law â„– 163-FZ of 18.07.2017.
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At
the present time, in various legal relationships there exists the acute problem
of observing a balance of interests concerning the parties involved in these
legal relationships, their legal rights, and their mutual economic needs.
Judicial practice, when considering disputes between these kinds of parties,
takes into consideration not only the formal requirements of legislation, but
also the real economic and legal goals and interests of the participants.
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It is well known that before making significant managerial decisions, the general
director must obtain approval from the shareholders or the board of directors.
Apart from that, if a director is personally interested in entering into a
transaction, approval is also required to proceed with the transaction. In the
absence of such an approval, the transaction can be challenged and, in certain
circumstances, invalidated. In order to minimize such risks and to eliminate
legal uncertainty for the parties to the transaction, the rules governing major
transactions and interested transactions must be sufficiently clear.
Previously, however, the application of these rules was associated with a large
number of controversial legal issues, which were finally solved as a result of
the legislative amendments, which will enter into force on January 1, 2017.
According to the new amendments, the distinction between major and non-major
transactions has been delineated more clearly, parties have been allowed more
flexibility in relation to approving transactions, the burdensome obligation to
obtain prior approval of interested transactions has been abrogated, and
finally the procedure for challenging transactions in question has been made
much more complex. Overall, the changes should have a positive influence on
business, as they contribute to the establishment of firm legal certainty in
this area of the law.Â
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The rent for leases, especially those in downtown Moscow and other large cities, is often based on the foreign currency exchange rate, which has recently increased almost threefold. Many businesses have been taken aback by this consequence of the economic crisis. Some of them have been put on verge of bankruptcy because of the increased rent and were forced to seek remedies in courts.
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Author: Valentina Orlova, Head of Intellectual Property and Trademarks Practice, Pepeliaev Group
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Authors: Sergey Klimenko, Head of Life Sciences Group; Yuri Yahin, Head of IP Group, Pepeliaev Group
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Elena Sokolovskaya, Head of Antimonopoly Regulation Group, Pepeliaev Group
The main areas covered by Russian antimonopoly legislation are prohibition of the abuse of a dominant position, regulation of prohibited agreements, antimonopoly requirements for bidding, merger control, and prohibition of unfair competition.
In recent years more attention has been paid to the development of Russian antimonopoly legislation. For this purpose, the State Duma of the Russian Federation (the lower chamber of Russia's parliament) is considering draft measures billed as the 'Fourth Antimonopoly Package'. This comprises amendments to Law No. 135-FZ 'On Protecting Competition' (the "Law on Competition") as well as to the Russian Administrative Code. The measures have already been passed in the first reading and are expected to make it onto the statute book before the end of 2015.
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Pepeliaev Group Advises of Amendments to Article 178 of the Russian Criminal Code to Decriminalise Certain Offences and Introduce a New Condition for being Released from Criminal Liability for Restricting Competition
