Tax flash reports

Tax legislation amendments

Guidance for foreign investors by the Supreme Court: Taxation matters

On 12 July 2017, the Presidium of the Supreme Court of the Russian Federation approved an overview of court practices for settling disputes related to the defence of foreign investors (hereinafter, the “Overview”) . As specified in the document, the Overview ensures a uniform approach to the resolution of disputes related to the law on foreign investment, in particular regarding the protection of the rights of foreign investors.

BVI establishes a single register of beneficial owners

The Beneficial Ownership Secure Search System Act (the “Act”) came into force on 30 June 2017. It provides for the establishment of a register of beneficial owners of companies incorporated in the British Virgin Islands (BVI). Under the Act, registered agents that are licensed in the BVI are required to establish and maintain a so-called registered agent database (the “RA Database”) for storing statutory information on each legal entity for which they are acting as registered agent. It is important to note that the database will be non-public, and only a number of government agencies will have access to it through a secure search platform called BOSS (Beneficial Ownership Secure Search System).

2018 Russian FTS “blacklist”: Expanding the exchange of tax information

Russian Federal Tax Service (the “FTS”) has published a draft list of countries that fail to exchange tax information with Russia (the “List”). It is updated annually based on the quality of actual exchange of information. The British Virgin Islands (BVI) and South Korea have been removed from the draft List (please see the Appendix). Public discussion of the draft order will run through 14 July 2017. The List is expected to be effective from 1 January 2018.

Contact us

David John
Partner, CEE Tax and Legal Leader
Tel: +7 (495) 967-6235
Email

Ekaterina Lazorina
Partner, CEE Tax and Legal Leader
Tel: +7(495) 967-6370
Email

Contact us

Ekaterina Lazorina
Partner, CEE Tax and Legal Leader
Tel: +7(495) 967-6370
Email

Yana Zoloeva
Partner, Russia Tax and Legal Leader
Tel: + 7 (495) 967 6152
Email

Follow us