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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3 December, 2019

The “liberalisation” of currency laws. Continued.

On 20 November 2019, the State Duma completed the third reading of Bill No. 753653-7 On Amendments to the Federal Law On Currency Regulation and Currency Control and to the Federal Law On Amendments to the Federal Law On Currency Regulation and Currency Control, aimed at reducing restrictions on foreign currency transactions by Russian residents that use accounts (deposits) opened with banks outside Russia, and cash repatriation” (hereinafter – ‘the Bill’).

The key provisions of the Bill (with certain exceptions) will come into force on the day of its official publication.

We have studied the Bill in depth to gain an understanding of these changes and how they could affect the existing rights and obligations of Russian currency residents.

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25 November, 2019

Tax residence of individuals: changes a-coming?

Changing the tax residence criteria for individuals – in particular, introducing the concept of the centre of vital interests – has been on Russian Ministry of Finance’s agenda for several months.

Read on to learn more about the changes and whom they might impact.

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18 November, 2019

A New Year's gift from Deloitte Private!

To celebrate the upcoming holidays, Deloitte is delighted to present a series of webinars for private clients focusing on the key issues we’ll be dealing with in the coming year. 

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10 July, 2019

Succession law reform

New legacy planning mechanisms

The succession law reform is picking up pace, with two new arrangements introduced to the Russian legislation in addition to the existing mechanism of the estate fund — a contract of succession and a joint will of spouses. The Law instituting them is in force since 1 June 2019.

The new arrangements are aimed at expanding property disposition rights for Russian citizens, improving succession planning procedures and simplifying the process of accession to the heirship.

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31 May, 2019

Capital amnesty 3.0: seizing the opportunities

Individuals are granted another chance to voluntarily declare their controlled  assets without facing tax or currency penalties. 

The third round of capital amnesty will run from 1 June 2019 to 29 February 2020.

The guarantees provided under the amnesty remained the same, but to qualify for them now declared assets (controlled foreign companies and foreign bank account) must, in particular, be repatriated to Russia.

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28 May, 2019

Change of currency control requirements for transactions at foreign exchanges

On 30 April 2019, Directive of the Russian Central Bank (CBR) No. 5095-U of 21 March 2019 (“the Directive”) entered into force. It approves the list of foreign stock exchanges, the listing on which is a mandatory prerequisite for the issue of Russian depositary receipts where the issuer of the underlying securities undertakes no obligations to the holders (“the List”).

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15 February 2019

Second round of voluntary declaration of personal assets and bank accounts is likely to be extended until March 2020

Speaking at a business forum in Moscow on 6 February, President Vladimir Putin announced plans to extend the capital amnesty guarantees for individuals that will repatriate their capital to Russia and also register their business in Russia’s special administrative districts.

The President also proposed extending the tax breaks, in particular, for personal tax on retained earnings of controlled foreign companies (CFCs) – for individuals taking up Russian tax residency in 2019.

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