ARTICLE · 05 SEPTEMBER 1996
Analysis 4/96 - New Regulations On Foreign Currency / Withholding VAT Offsettabl
RussiaAccounting and Audit
In this issue of Analysis, we discuss the new regulations issued by the Central Bank on foreign currency, review the impact of the State Tax Service's statement concerning withholding VAT and review recent accounting developments
NEW REGULATIONS ON FOREIGN CURRENCY
Introduction
The Central Bank of Russia has recently issued new regulations on currency control. These are not least inspired by the alleged massive capital flight which has been taking place over the last six years. Many of the regulations currently in force are modified versions of those laid down by the predecessor of the Central Bank, the State Bank of the USSR. Currency regulations are, together with tax legislation, a major determinant for the behaviour of companies and many business decisions are often initially currency-driven. In this article, we will give a brief overview of recent changes in currency control legislation.
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