Legal Digest | February 2011

Please click here to view the February edition of CMS, Russia Legal Digest.

In this issue

Banking & Finance
— Draft of strategy to develop banking sector by 2015 prepared
— Bank of Russia proposes threshold increase for transactions between residents and non-residents
— President Medvedev signs law on clearing
— President signs law amending the bankruptcy law
— Decree on challenging bankruptcies adopted

Commercial
— Amendments to the visa and registration regime for foreign specialists
— Special procedure established for granting permanent residency permits to highly qualified foreign
specialists
— New list of positions and rules published for sending foreign employees on business trips
— 2011 foreign employee quota list published
— New draft article in Civil Code on copyright infringement proposed

Pharmaceuticals
— Pricing procedure adopted for vital and essential medicines
— Uncertainty exists on the form of insurance agreement for patients participating in clinical trials

Corporate
— Draft law on charter capital threshold and board decisions drawn up
— New procedure for the distribution of profits set
— Draft law presented on the rights and obligations of LLC and their creditors
— Order clarifies procedure for changing depository information during a share buyback

Tax
— Exhaustive list of exported goods and related works and services eligible for 0% VAT outlined
— Threshold value of property and assets eligible for amortisation increased
— Social contributions to non-budgetary funds raised by 8%
— Increase in excise duties offsets decrease in transport tax
— Tax legislation amended to penalise authorities for unjustified suspension of accounts
— Increase in excise duties offsets decrease in transport tax
— Tax legislation amended to penalise authorities for unjustified suspension of accounts
— Tax authorities not permitted to request previously presented documents during cross-audits
— No retroactivity for Supreme Arbitration Court decrees not in favour of taxpayers
— Commissioning permit does not automatically confer preparedness on real estate

Real Estate
— Authorities permitted to confiscate agricultural land from owners
— Supreme Arbitration Court summarises the court practice of reviewing disputes on unauthorised
construction
— President signs list prohibiting foreign ownership of land along the country’s borders
— Draft amendments to Section II of the Civil Code of the Russian Federation
— Supreme Arbitration Court clarifies the issue of concluding mortgage agreements without a
land-lease pledge

Anti-Monopoly
— Third ‘tranche’ of anti-monopoly amendments expected to be adopted