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President of Russia Approves Establishment of the Tax Haven in the Russian Far East

Russian President Vladimir Putin signed a package of laws on the establishment of special administrative regions (SAR) on Russky Island in the Primorsky Krai and the island of Oktyabrsky in the Kaliningrad region.
It is a package of seven federal laws aimed at creating two “offshore” zones in Russia. Vladimir Putin signed the federal law “On Special Administrative Regions in the Territories of the Kaliningrad Region and Primorsky Krai”.

This law provides for the peculiarities of the exercise of the powers of the state authorities in the territory of the special administrative region, the procedure for consideration of applications for activities as a participant of the special administrative region, the procedure for assigning the status of a member of the special administrative region and the conditions of the activities of participants of the special administrative region and the management company in the territory of the special administrative region.
The head of state approved the Federal Law “On International Companies". The normative legal act defines the legal status of a business entity with the status of an international company registered in the unified state register of legal entities in connection with the change of the personal law by a foreign legal entity in the order of re-domiciliation
The status of an international company may be granted to a foreign legal entity that is a commercial corporate organization, which has decided to change its personal law in the manner prescribed by such personal law. The personal law of an international company from the moment of its state registration in the Russian Federation becomes the Law of the Russian Federation.

The head of state approved the amendment of Article 1202 of Part Three of the Civil Code of the Russian Federation (On International Companies). The law is aimed at bringing the provisions of Article 1202 of Part Three of the Civil Code of the Russian Federation on the personal law of the legal entity in line with the Federal Law "On International Companies".

Amendments were made to Part One and Chapter 25 of Part Two of the Tax Code of the Russian Federation (in terms of specifics of international holding companies taxation). The law defines the conditions for an international company to obtain the status of an international holding company, as well as the conditions under which an international company loses such status.

The President of the Russian Federation also signed the law “On Currency Regulation and Currency Control" in connection with the adoption of the Federal Law “On Special Administrative Regions in the Territories of the Kaliningrad Region and Primorsky Krai” and the Federal Law "On International Companies "(in terms of providing international companies with the opportunity to make settlements when performing currency transactions without using accounts in authorized banks). The law, in particular, establishes that foreign legal entities registered in accordance with the Federal Law "On International Companies" are non-residents. Besides, the list of currency transactions which non-residents have the right to carry out among themselves in the territory of the Russian Federation is clarified.

Amendments were made to certain legislative acts of the Russian Federation in connection with the adoption of the Federal Law “On Special Administrative Regions in the Territories of the Kaliningrad Region and Primorsky Krai”. Federal law specifies the procedure for accounting of rights to securities of foreign issuers. The term of consideration of applications for issuance of the writ of execution for enforcement of the decision of the arbitration court, which should not exceed fourteen days, shall be established. In this case, the party to the dispute has the right to submit objections to such an application within seven days from the date of receipt of the application by the arbitration court.

The President also approved amendments to the Code of Merchant Shipping of the Russian Federation regarding the establishment of the Russian Open Shipping Register in connection with the adoption of the Federal Law "On International Companies" and the Federal Law "On Special Administrative Regions in the Territories of the Kaliningrad Region and Primorsky Krai". The law introduces certain amendments aimed at creating the Russian Open Shipping Register.

We remind you, that this package of federal laws was adopted by the State Duma (lower house) on July 26, 2018 and approved by the Federation Council (upper house) on July 28, 2018.

By Eugenia Vasilyeva   e.vasileva@minvr.ru


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