Russia: Review of the Russian Federal Legislation in the period 1 January 2015 up to and including 31 March 2015

Changes in the procedure for calculating interest on borrowed fund 
When calculating interest under Art. 395 of the Civil Code, one will need to take into account the average of bank interest rates on deposits of individuals for the relevant periods of time, which were published by the Central Bank of the Russian Federation (CB of RF) not the refinancing rate at the date of submission of the claim (judgment). Changes come into force on 1 June 2015.


The new procedures for accreditation and making changes to the registry are being determined

From 1 January 2015, the Federal Tax Service of Russia has received the authority for accreditation of branches and representative offices of foreign companies in Russia. Documents for the accreditation of a foreign branch or representative office may be sent to the authorised tax authority within 12 months from the date of the relevant decision. Accreditation of a foreign branch or representative office shall be exercised by the authorised tax authority within a period of no more than 25 working days from the date of documents submission. Accreditation of representative offices of foreign legal entities operating in the field of civil aviation, is done by the authorised tax authority on the basis of a decision taken by the Federal Air Transport Agency. Accreditation of representative offices of foreign credit institutions is carried out by the CB of RF. Relevant information shall be submitted to the authorised tax authority.


FMS of Russia determined the procedure for extension of temporary stay of foreign citizens and stateless persons in the Russian Federation

To extend the period of temporary stay a foreigner or the receiving party should submit to the local FMS of Russia in place of registration of the relevant application or solicitation in any form no later than seven working days before the expiry of the temporary stay. The application is considered for approval within seven working days. Changes came into force on 3 February 2015.



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