Prospects, comments, solutions

ProsperoScope is a newsletter of Deloitte’s Private Client Service team. This newsletter presents recent and upcoming changes in Russian and international tax legislation, and information about trends and interesting developments in the private client world.

It is not intended to be a comprehensive statement of the law. We accept no liability for the completeness and accuracy of information contained in the newsletter or for any decisions made by you after reading the newsletter without additional professional consultation.

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29 November 2018 

Changes in the procedure for the import and export of precious metal watches and precious stone products

Please note that starting from 23 November 2018 the rules for the import and export of precious metal watches and precious stone products of over RUB 1 million have become stricter.

Changes have been introduced by Russian Government Resolution No. 1259, which expanded the list of strategic goods to include “wrist, pocket and other watches made to be worn on the wrist or carried, including stopwatches, encased with precious metals or metal clad with precious metals, cases for watches, watch straps, ribbons and bracelets made of precious metals or metal clad with precious metals, and products from precious stones and natural pearls.” The import and export of the above goods without a customs declaration may be regarded as smuggling and result in criminal liability punishable by imprisonment for a term from three to seven years with a fine of up to RUB 1 million.

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25 July 2018 

Personal taxable income from sale (redemption) of Russian sovereign Eurobonds will be calculated net of exchange differences

A bill that introduces amendments to Articles 210 and 214.1 of the Russian Tax Code1 was signed into law by the President of the Russian Federation and released on 19 July 2018.

According to the explanatory note, the changes are introduced to promote investment in Russian sovereign Eurobonds and foster the repatriation of personal foreign assets.

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26 March 2018 

Second round of tax amnesty: voluntary disclosure of personal assets and bank accounts

The first round of tax amnesty lasted from 1 July 2015 to 30 June 2016. Two years after, the second round is announced: the terms are similar, but there are certain differences, too.

From 1 March 2018 to 28 February 2019, private investors are given another chance to make a voluntary disclosure of their assets and foreign accounts while being guaranteed immunity against prosecution for tax and currency control violations.

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2 March 2018 

Extension of tax-exempt liquidation of foreign corporations and structures

The bill extending the tax-exempt liquidation of foreign corporations and structures (e.g. trusts) until 1 March 2019 was released on 19 February.

Read on for an overview of the incentive, an update on the changes from the previous version, advice on how and when to utilise the extension and what to look out for when applying for it.

Out next issue will feature a detailed review of the second round of tax amnesty.

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9 January 2018

Changes in the Russian Currency Legislation1 came into effect on 1 January 2018 after a respective law2 was published on 29 December 2017.

We would like to remind you that the law refines currency regulation and control procedures for individuals. The key amendments introduced3 affected the procedure for determining residency of individuals for currency control purposes.

In this issue we have summarized the most relevant changes.


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