We must pay tribute // Creditors of bankrupt construction are given back the right to compensation

The Ministry of Construction, following the decision of the Constitutional Court (CC), intends to close the legal gap that arose in 2019 with the introduction of a new regulation on shared construction in terms of protecting the rights of secured creditors who financed construction without being equity holders, this applies to both individuals who purchased … Read more

The eurozone remains in positive territory // The economy of the currency bloc is growing along with inflation

In contrast to the US economy, which shrank in size in the second quarter, the GDP of the euro area countries increased by 0.7% over this period (counting all EU states – by 0.6%). Another key indicator – inflation continued to accelerate, increasing on average across the eurozone in July to a new record – … Read more

You can’t get away from personal income tax // Russians working from abroad will be taxed

The Ministry of Finance has not forgotten about the citizens who left the Russian Federation, but continue to work for Russian companies. Now, after six months of staying in another country, such employees lose their tax resident status in the Russian Federation and are exempted from paying income tax on the salary they receive, since … Read more

Growth in industrial prices returns with falling demand // Monitoring of market conditions

Published by the Gaidar Institute (IEP) Industry Forecasts Index as of July 18 fell below the level of February this year. Earlier, another indicator of the same institute, the Index of Industrial Optimism, updated the low of the current crisis. Decreased optimism in the forecasts of industrialists was registered for all three indicators used in … Read more

Stroycontrol is exempted from standards // The Ministry of Construction updates the rules for its implementation

The Ministry of Construction has prepared a draft updated rules for conducting construction control – a mandatory procedure for assessing the compliance of work during construction and overhaul with technical regulations and project documentation. These rules have not been updated since 2010 and are partially outdated. The new version implies a departure from the cost … Read more

Loss tax // Should the bankrupt’s transaction on the transfer of pledged property to the creditor be considered profitable

The Supreme Court of the Russian Federation (SC) will consider the tax case of a bankrupt company applying a simplified taxation system. The debtor’s property was not sold at auction, and the creditor took it to pay off obligations, moreover, on a guarantee for another company. The tax authorities and lower courts considered that the … Read more

Share on share is not necessary // SC will decide the issue of protecting members of credit cooperatives

The Supreme Court of the Russian Federation (SC) will consider whether the transfer of a share from a bankrupt credit cooperative to another, more reliable one, is a transaction to return funds that violates the rights of creditors. In the lower courts, the situation is not in favor of the shareholders, but the Supreme Court … Read more

“The time for reflection has passed” // VTB CEO Andrey Kostin on banking in the new reality

After the outbreak of hostilities in Ukraine, the Russian banking system found itself between two fires – quick and tough sanctions from the West, on the one hand, and internal restrictions of the Russian authorities, who were trying to stabilize the economy, which was rapidly plunging into crisis, on the other. Under sanctions restrictions, including … Read more

Debt reset // Bond yields fall following the Central Bank rate

Another reduction in the key rate of the Bank of Russia affected the yields of government bonds. The rates on most OFZ issues are already at the level of 9% per annum, and market participants expect further decline, including against the backdrop of easing the monetary policy of the Central Bank. Under such conditions, it … Read more