https://sputnikglobe.com/20231127/putin-signs-law-to-tighten-control-over-foreign-trade-transactions-1115242444.html
Putin Signs Law to Tighten Control Over Foreign Trade Transactions
Putin Signs Law to Tighten Control Over Foreign Trade Transactions
Sputnik International
The law expands the list of affiliated entities whose transactions are subject to control for the application of market prices
2023-11-27T22:15+0000
2023-11-27T22:15+0000
2023-11-27T22:15+0000
russia
moscow
russia
trade
vladimir putin
https://cdn1.img.sputnikglobe.com/img/07e7/0b/1b/1115225370_0:137:3072:1865_1920x0_80_0_0_28e01e753d07d8bf425ae4000926b962.jpg
The law expands the list of affiliated entities whose transactions are subject to control for the application of market prices. The controlling entity and its controlled foreign companies (CFCs), as well as entities controlling the same CFCs, will be considered as affiliated. Organizations controlled by individuals who are close relatives will also be considered affiliated. At the same time, transactions that come under government control as a result of the suspension of Russia's tax agreements with certain countries are excluded from the list. The information to be disclosed about such transactions will include the resale chain if some of its links are based outside Russia, to "understand whether market prices were used in transactions between affiliated parties," Russian Deputy Finance Minister Alexey Sazanov said. This applies to the export of oil and oil products as well as ferrous and non-ferrous metals, mineral fertilizers, precious metals and jewels, he added. Corporate groups that make foreign trade transactions and whose assets are mainly located in Russia will have to present to regulators their consolidated financial statements as well as statements of companies that participate in such transactions within their group. The changes will go into effect on January 1, 2024.
moscow
russia
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2023
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
trade, moscow, russia, putin, vladimir putin, controlled foreign companies, cfc, foreign trade transactions in russia
trade, moscow, russia, putin, vladimir putin, controlled foreign companies, cfc, foreign trade transactions in russia
Putin Signs Law to Tighten Control Over Foreign Trade Transactions
MOSCOW (Sputnik) - Russian President Vladimir Putin on Monday signed a law that, among other things, tightens control over transfer pricing in foreign trade transactions.
The law expands the list of affiliated entities whose transactions are subject to control for the application of market prices. The controlling entity and its controlled foreign companies (CFCs), as well as entities controlling the same CFCs, will be considered as affiliated. Organizations controlled by individuals who are close relatives will also be considered affiliated.
At the same time, transactions that come under government control as a result of the suspension of Russia's tax agreements with certain countries are excluded from the list.
The information to be disclosed about such transactions will include the resale chain if some of its links are based outside Russia, to "understand whether market prices were used in transactions between affiliated parties," Russian Deputy Finance Minister Alexey Sazanov said. This applies to the export of oil and oil products as well as ferrous and non-ferrous metals, mineral fertilizers, precious metals and jewels, he added.
Corporate groups that make foreign trade transactions and whose assets are mainly located in Russia will have to present to regulators their consolidated financial statements as well as statements of companies that participate in such transactions within their group.
The changes will go into effect on January 1, 2024.
