In order to limit the impact of sanctions, the Bank of Russia suspends the publication of daily information on the trading volumes of the US dollar, euro and yuan against the ruble, calculated on the basis of over-the-counter trading with settlements “tomorrow”.
Finance
-
Increase of general corporate income tax
Increase of the general corporate income tax rate from 20% to 25% for most companies, starting in 2025.
Meanwhile, IT companies will benefit from a preferential rate, with their income tax rate reduced to 5%.
-
Capital control: extended restrictions on the transfer of funds abroad
The Bank of Russia has extended restrictions on the transfer of funds abroad for another 6 months.
-
Exemption from exchange rate–linked export duties for import-dependent goods
Goods dependent on the import of key components, as well as certain high-tech goods, are exempt from the so-called exchange rate export duties. Thus, duties will not be imposed on medicines and pharmaceutical substances, chemical products, household metal products, tools for drilling, pressing and other operations, marshmallows, marshmallows, soy protein protein and other goods. At the same time, in order to support SMEs, the so-called low-value goods, the total customs value of which does not exceed 200 euros, have been exempted from duties.
-
Capital control: Central Bank approval required for cash exports over $10,000
Central Bank permit required to export more than $ 10 thousand from the country
-
Banks advised to suspend dividends and bonuses
Credit institutions are recommended to refrain from paying dividends and bonuses to shareholders to management until the end of 2022
-
Deadline for forex sale by non-resource exporters extended from 3 to 60 working days
Extension of the deadline for the mandatory sale of foreign currency credited from April 19, 2022 to accounts of non-resource, non-energy exporters in authorized banks, from 3 to 60 working days.
-
Capital control, foreign reserves control
Russian residents restricted from making advance payments exceeding 30% of the contractual value under certain types of contracts (for instance, provision of services, transfer of information, intellectual property etc.) to reduce capital flight and preserve foreign currency reserves.
-
Prohibition on foreign currency purchases for non-resident legal entities from unfriendly countries
Prohibition on foreign currency purchases for non-resident legal entities from unfriendly countries
-
Government approval required for securities seals Involving foreign investors
The following operations require permits issued by the Government Commission for Control over Foreign Investments: transactions entailing the emergence of ownership of securities carried out with persons of foreign states committing unfriendly actions; transactions entailing the emergence of ownership of securities with foreign persons from friendly states, if the subject of transactions are securities acquired after February 22, 2022 by these foreign persons from persons of foreign states committing unfriendly acts.