First. There is an increase up to 15% of the "unfair" tax rates on income in the form of interest and dividends going from Russia abroad to offshore jurisdictions named by the President of the Russian Federation. This rate is established by the Tax Code of the Russian Federation, but reduced rates provided for by international agreements on the avoidance of double taxation may be applied to the income of persons who are actually entitled to such income. Changes to these rates require adjustments to international agreements signed by the Government of the Russian Federation and foreign Governments. If such changes are not possible due to the reluctance of foreign partners, the Russian Federation is considering withdrawing from these agreements. And they will begin to apply these measures from the most "popular" offshore jurisdictions, through which significant of Russian origin resources.

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Second. It is proposed to set the personal income tax rate at 13% on interest income if the total amount of Bank deposits or investments in debt securities of a citizen exceeds 1 million rubles. At present, in general, the amount of excess of interest income over the amount calculated based on the refinancing rate increased by 5 points for ruble deposits (9 % per annum for deposits in foreign currency) (Paragraph 1, Article 214.2 of The Tax Code of the Russian Federation). Realization of this measure, as well as any changes in the tax procedure, is possible by accepted the relevant the Federal Law.

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It should be noted that changes in tax legislation are currently possible only from the beginning of the regular (next) tax period and changes that worsen the situation of taxpayers do not have opposite effect (Paragraph 1,2 , Article 5 of The Tax Code of the Russian Federation). Unless, of course, the Legislator do not changes the basis of the Tax Legislation of the Russian Federation.

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Additional budget revenues received as a result of the realization of these "difficult" decisions are planned to be allocated specifically to finance measures to support families with children, the unemployed or people who are on sick leave. Most likely, the last 2 categories will include people who have suffered in one or another form from the epidemic of the Coronavirus infection.

We recall that, in accordance with the current edition of The Tax Code of the Russian Federation, the Legislation of the Russian Federation about taxes and fees consists of the Tax Code of the Russian Federation and approved in accordance with the Federal Laws on taxes, charges, premiums rates (Paragraph 1, Article 1 of The Tax Code of the Russian Federation). And amendments to The Legislation of the Russian Federation on taxes and fees, as well as termination, cancellation or invalidation of provisions of acts of The Legislation of the Russian Federation on taxes and fees are carried out by separate the Federal Laws. Such changes cannot be included in the texts of the Federal Laws that change (terminate, cancel, or invalidate) other the Legislative Acts of the Russian Federation or contain an independent subject of legal regulation (Paragraph 7, Article 1 of The Tax Code of the Russian Federation).

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Therefore, the Federal Law must be approved in order to realize the measures announced by the President of the Russian Federation to support businesses in terms of deferred payments of taxes, changing the deadlines for submitting tax reports, and reducing premium rates.

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The provisions of paragraph 4.10 of the Plan of priority measures (actions) to ensure sustainable economic development in the context of the deterioration of the situation due to the spread of the new coronavirus infection (17.03.2020) (further - the Plan) provide for granting the Government of the Russian Federation the right to regulate certain issues on tax relations. Specifically, the Plan specifies the development of the Bill in the Federal law that will allow the Government of the Russian Federation to determine the procedure for obtaining deferred payments (installments) for taxes (premium rates), including in terms of the procedure, grounds, timing of tax reporting (calculations), as well as the right to extend these terms. For this Federal law, the following deadlines are specified: introduction of the Bill law to the State Duma - 30.03.2020, and approval of the Federal law - 30.04.2020.

Source: http://government.ru/news/39235/

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You need to be patient and wait for the appropriate changes in the Tax Legislation of the Russian Federation. The beginning of such changes may be extended to an earlier date than the date of approval of the specified Federal Law.

According to the address of the President of the Russian Federation, support should be provided to small and medium-sized businesses and microenterprises.

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 [1] At the same time, the President of the Russian Federation underlined that support measures in the form of deferred tax payments (except VAT) and premium rates (for microenterprises) are offered for enterprises in those industries that are most affected by the current difficult situation. At the same time, the Government of the Russian Federation is instructed to constantly monitor the situation and, if it is necessary, expand and correct the list of industries that need support.

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Therefore, it is the Government of the Russian Federation will determine the lists of particularly affected industries for deferred taxes.

At present, after the meeting of the Presidium of the Coordination Council under the Government of the Russian Federation on countering the spread of the coronavirus infection in the Russian Federation on 25.03.2020, including the order of Ministry of Economic Development of the Russian Federation, Ministry of Industry and Trade of the Russian Federation and Ministry of Finance of the Russian Federation to work out measures to provide Government support for sphere of public catering and services, as well as owners of commercial real estate.

Source: http://government.ru/orders/selection/401/39276/

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Reducing the amount of premium rates from 30% to 15% (if the minimum wage is exceeded) is a measure directed to income support of citizens employed in small and medium-sized enterprises. Literally from the address of the President of the Russian Federation, it does not follow that this measure will be applied only to particularly affected organizations.

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Moreover, this measure is named not as an anti-crisis measure, but as a long-term incentive for employers to increase their employees' pays.

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The Federal Tax Service of the Russian Federation on 27.03.2020 gave answers to questions about measures taken on behalf of the Government of the Russian Federation to support taxpayers and about the address of the President of the Russian Federation on 25.03.2020.

Source: https://www.nalog.ru/rn54/news/activities_fts/9699948/

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Basically, these explanations relate to the early support measures taken in the form of postponement until may 01, 2020 of compulsory collection of taxes in the tourism and air transport sectors, in the physical education and sport, art, culture and cinematography areas. In addition, the Federal Tax Service of the Russian Federation explained that in accordance with the order of the Federal Tax Service of the Russian Federation from 25.03.2020 until may 1, 2020, measures of compulsory collection of taxes delays will not be applied to companies and businessmans whose information is included in the unified register of small and medium-sized businesses. This postponement of recovery measures does not require additional application to the tax authorities. But at the moment work is in progress to change the legislation for the realization of the possibility of obtaining a deferred payments of taxex for 6 months. The Federal Tax Service of the Russian Federation also clarified that the issue of non-deduction of penalties during the moratorium on compulsory collection of taxes will be resolved when the legislation will be change.

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[1] The Criteria of small, medium and microenterprises (MSP):

• by number and income for the previous year: medium-sized enterprises - no more than 250 people and no more than 2 billion rubles; small enterprises - no more than 100 people and no more than 800 million rubles; microenterprises - no more than 15 people and no more than 120 million rubles.;

• by the structure of the authorized capital - percentage of organizations that are not small and medium-sized enterprises must not exceed 49%, the Government's, regions, or NPOs share must not exceed 25%.

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Information about MSP must be entered in the unified register of small and medium-sized businesses.

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Normative documents: The Federal Law of 24.07.2007 №209-FL "The development of small and medium-sized enterprises in the Russian Federation", Decree of the Government of the Russian Federation of 04.04.2016 № 265 "The maximum values of income received from business activities for each category of small and medium-sized enterprises".

In the address of the President of the Russian Federation dated 25.03.2020, was stated such measures to support small and medium - sized businesses in the context of tax relations as deferred payments of all taxes (except VAT) for the next 6 months, and for microenterprises, deferred payments of premium rates; reducing premium rates to half (from 30 to 15%) for pays above the minimum wage (minimum wage in 2020-12,13 thousand rubles).

In cases where the last day of the period is the day recognized as weekends and public holidays, in accordance with the Legislation of the Russian Federation , the deadline expires is considered to be the next working day (paragraph 7, Article 6.1 of The Tax Code of the Russian Federation). This rule applies to any deadlines established for tax relations.

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Considering the fact that non-working days do not belong to these categories, in our opinion, there are no legal basis for postpone the deadline of tax reporting, as well as the deadline for paying taxes.

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The postpone of the deadlines established by The Tax Code of the Russian Federation, it is possible only when the accompanying documentation are adopted.

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However, we suggest that, in the absence of the possibility of many organizations to prepare reports during non-working days, the deadline for submitting reports and paying taxes should be postponed. And if the relevant law is not approved, fines should not be applied. A different approach would discredit the measures undertaken.

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According to our information, a number of territorial tax inspections consider today's date (30.03.2020) as the last day for paying income tax and filing of tax return. However, all of them admit that the specified terms can be extended. However, whenever possible, we recommend submit tax return and pay income tax today.

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As for the deadlines of accounting statements, the Federal Tax Service of the Russian Federation in letter №07-04-07/24096 /EA-4-1/5303@ considered it possible to postpone these deadlines to 06.04.2020. This is related to that that under paragraph 47 of the Regulation on accountingGAAP 4/99 "Accounting statements of organization", if the date of submission of accounting statements account for a non-working (weekend) day, the deadline for submission of reports is postponed to the first working day. This wording of the specified standarts allows you to move the deadline for submission of accounting statements.

Decree of the President of the Russian Federation No. 206 of 25.03.2020 “the announcement of non-working days in the Russian Federation” (further Decree No. 206) contains a list of organizations to which it does not apply. Such organizations, in particular, include continuously operating organizations; medical and pharmacy organizations; organizations for emergency repair and handling; organizations that providing the population with foodstuff and basic necessities. The latter types of organizations, in our opinion, include not only grocery stores, but also storages from which foodstuff and specified goods are being shipped.

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In addition, in paragraphs 3-5 of Decree No. 206, have been identified The organs of Government power and local self-government, media organization which should ensure their functioning by the number of employees determined by them.

In the current the Labor Code of the Russian Federation contains the concept of "weekends" and "public holidays" (articles 111, 112 of the Labor Code of the Russian Federation).

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The meaning of Decree No. 206, non-working days cannot be attributed to these categories, because the imposition of non-working days is a quarantine (protective) measure which is unrelated to the rights of workers to fair working conditions, including the right to recreation, including limitation of working hours, daily breaks, weekends and public holidays, and paid annual leave (article 2 of the Labor Code of the Russian Federation).

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According to the recommendations published on the website of the Ministry of Labor to employees and employers in connection with Decree No. 206, non-working days do not apply to weekends or public holidays, cause of that payment is made in the normal rather than the higher amount.

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Source: https://rosmintrud.ru/labour/relationship/379

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In our opinion, it is impossible to apply to non-working days the legal norms established for weekends and public holidays, without special provisions on this in Decree No. 206 or other acts. The provisions of Decree No. 206 contain only a guarantee of full pay.

These measures include, in particular, the announcement of days from 30.03.2020 to 30.04.2020 as non-working days with full pay and measures to support businesses by providing deferred tax payments and reducing premium rates.

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In addition, the President of the Russian Federation announced an increase in the income tax rate on income in the form of interest and dividends earned, withdrawals to offshore jurisdictions, and interest income on deposits and securities. Additional budget revenues received from the latest measures will be used for social benefits (for families with children, the unemployed and the sick people).

Management consulting and enterprise automation is a new development stage of UHY Yans-Audit.

With our expertise developed over the years of our work, we can launch IT products in a thorough and optimal way.

We provide services in three areas of activity:

• Management consulting (provision of management solutions); 

• Business process optimisation and automation (development of IT solutions tailored for the operation profile of and management model used by a client company);

• Automation of financial and tax accounting (implementation of a packaged IT solution relevant  to a client company)

Based on our expertise, we have developed our own attitude to IT services: 

Improvement of business manageability is the principal purpose of IT systems. Business manageability, in its turn, enables company owners and managers achieve their goals.

Client’s business model becomes the mission of our project. We focus on things that are vital for launching IT products – from the selection of a suitable software to particular business processes. 

Due to our project management model, we can maintain an optimal rate of staff members and freelancers who have appropriate qualification to accomplish tasks they are set.

Learn more about the service

3 December 2018. Training: Corporate fraud: practice of detection and reaction against frauds

4 – 5 December 2018. Training: Development and assessment of the internal control system in a company

6 – 7 December 2018. Training: Development of a risk management system in a company

Representatives of the following companies took part in the trainings:

METINVEST HOLDING LLC, IK SIBINTEK LLC, OAK PJSC, NK RosneftPJSC, Microcredit company Cash officeNo1 LLC,

Novosibirsk avtodor OJSC, LUKOIL-URTsPerm LLC,  PE Obolenskoe JSC,  SKVTB Strakhovanie LLC,  Lyubimy Gorod LLC, Kamyshinskiy Opytnyi Zavod LLC,  The StateAtomic Energy Corporation ROSATOM,  Halyk Bank JSC,  DOMKOR LLC, Bank VTB (PJSC), St. PetersburgInternationalMercantile ExchangeJSC, RSMB Corporation JSC, Rusagro-Invest LLC,

Inter RAO PJSC, Science andInnovations JSC

Controlled foreign companies (CFCs) are foreign legal entities or unincorporated businesses controlled by Russian individuals or legal entities by means of membership interest or in any other way.

Control is a possibility for influencing decision-making related to the distribution of after-tax profits.

Formal evidence of control:

- over 10% share in capital, if membership interest of RF residents exceeds 50%

- over 25% share in capital, if membership interest of RF residents is less than 50%.

Consequences of recognition of CFC

Income of CFC is treated as income of a controlling individual (with a personal income tax at the rate of 13%) or income of a controlling legal entity (with an income tax at the rate of 20%)

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However, income taxes paid in CFC’s country of residence reduce taxes payable in the Russian Federation.

CFC’s income is determined on the basis of its financial statements audited by an independent auditor or reviewed under rules set forth in the Chapter 25 of the Tax Code of the Russian Federation.

In order to declare CFC, it is necessary to:

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1. File a notification on membership interest in a foreign company (if membership interest changes, a new notice shall be filed)

2. File a CFC notification (annually)

3. On an annual basis, file a CFC Income Tax Return as part of a tax return under the Form 3-NDFL (for individuals) and income tax return (for legal entities)

4. Pay the tax (annually)

Tax liability

Failure to provide the notification of the membership interest: 50 000 Roubles per document(Item 2 Article 129.6 of the Tax Code of the RF)

Failure to provide the CFC notification: 100 000 Roubles per annum (Item 1 Article 129.6 of the Tax Code of the RF)

Failure to file NDFL tax return: up to 30% of tax amount payable(Article 119 of the Tax Code of the RF)

Failure to pay the tax: 20% of the outstanding tax amount(Article 122 of the Tax Code of the RF)

Provision of comprehensive services to CFCs

26 – 27 November 2018. Training: Analysis of financial statements and management accounts for business efficiency assessment

29 November 2018. Training: IT audit

Representatives of the following companies took part in the trainings:

BANK URALSIB PJSC, Mosenergosbyt PJSC, IK SIBINTEK LLC, SPC Techmash JSC, LUKOIL-WestSiberia LLC, Gazprom-Media Holding JSC, FPK Invest LLC, NPK Uralvagonzavod JSC, LUKOIL PJSC, LUKOIL-ENERGOSETI LLC, Raschetno-Depozitarnaya Kompaniya JSC, Voentelecom JSC, QIWI JSC, Obedinennaya Dvigatelestroitelnaya Korporatsia JSC, LC Europlan JSC, Ernst & Young – Otsenka I Konsultatsionnye Uslugi LLC, Transneft PJSC, Inter RAO PJSC, Non-Banking Credit Organisation Western Union MT East, Ltd., The State Atomic Energy Corporation ROSATOM, Gazpromneft LLC, NLMK PJSC, Bank SOYUZ JSC, SberTech JSC, ISN7 LLC and Pharmstandard JSC

13 – 14 November 2018. Methods of internal audit (audits of business processes, investment audits, audits of bidding activity and audits of management system of a company)

15 – 16 November 2018. Operation audit of construction and major repairs

Representatives of the following companies took part in the trainings:

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NK Rosneft PJSC, Polyus PJSC, LUKOIL PJSC, State Transport Leasing Company PJSC, Federal State Unitary VNIIA, Branch of JSC EFKO Management Company in Voronezh, NLMK PJSC, Kola’s Enterprise ElectroRadioAvtomatika JSC, IFC Solid JSC, RITEK JSC, Asia Cement LLC, SPC Techmash JSC, Transmashholding JSC, Nokian Shina LLC, United Grain Company JSC, Otkritie Bank, MVK LLC, Ilsky Oil Refinery, Sportmaster LLC, State Atomic Energy Corporation ROSATOM and Best Price LLC.

The second stage of the capital amnesty under the Federal Law No. 140-FZ starts from the 1st March 2018. Under the amnesty, assets (real estate, transport vehicles, securities), controlled foreign companies and/or bank accounts outside the Russian Federation may be voluntarily declared by 28th February 2019. In addition, it is not required that your property and other assets located abroad are returned to Russia.

Which exemptions are provided under the capital amnesty law?

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• Exemption from criminal liability for tax evasion on a large scale and especially large scale and from violation of the currency law (Part 3 Article 76.1 of the Criminal Code of the Russian Federation).

• Exemption from administrative liability for entrepreneurial activity carried out without the relevant registration and/or licence/permit or with a gross violation of licence/permit requirements (Article 14.1 of the Administrative Offence Code of the Russian Federation).

• Exemption from liability for tax violations, including fines at the rate from 20% to 40% of the unpaid tax amount.

PLEASE NOTE! Exemption from liability is possible provided that the special declaration is filed before the initiation of the relevant criminal proceedings or administrative or tax violation proceedings.

Which guarantees does the capital amnesty law provide?

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• Information communicated in the special declaration may not constitute the basis for the initiation of criminal, administrative or tax proceedings.

• Information contained in the special declaration are understood as the tax secret of the Russian Federation. The Federal Tax Service ensure confidentiality of such information. Such information may not be provided to other government bodies and organisations.

• Such guarantees apply only to assets specified in the special declaration.

PLEASE NOTE! Guarantees provided by the capital amnesty law apply to events that took place before 1st January 2018.

Is it worth using the tax amnesty?

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Certainly, private assets are essential for each owner so a lot of questions and concerns occur in this regard.

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• Is it worth rushing? If after the first amnesty, the government announced the second one so maybe there will be the third one etc.? There are no guarantees regarding this matter, and the current amnesty will likely turn to be the last one.

• Is it really necessary to declare property that has been successfully hidden? It is much easier to run the business and hide profits… It’s impossible to fly under the radar all the time! Owner’s risks of bearing the full liability under the laws of the Russian Federation increases with every passing day. Under arrangements between OECD Member countries, automatic exchange of information has been carried out since October 2018. Tax authorities of the Russian Federation receive all necessary data on Russian residents (over 80 countries, and the list will be expanded).

How can we help you?

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• We can assess the practicability of membership in the amnesty and carry out a detailed analysis of risks in each particular situation.

• We can develop the most advantageous strategy of using the capital amnesty and carry out property legalization on the most favourable terms.

• We can prepare the special declaration.

• We can prepare a notification of the interest in a foreign company, notification of CFC.

• We can conduct audit of CFC (Auditor’s Opinion under ISA).

• We can prepare financial statements under IFRS (based on bank statements and source documents).

• We can prepare notification of opening (closing) accounts at banks located outside the Russian Federation.

• We can submit the declaration and notifications on the basis of a notarized power of attorney.

Based on our experience and practice, we understand that each case is unique, and sometimes it is less risky to refuse to file the declaration than provide tax authorities with information on non-declared property.

You can assess risks related to declaration of such information by yourself or contact UHY Yans-Audit.

15 – 16 October 2018. Practical Aspects of Internal Audits

17 – 18 October 2018. Methods of internal audit (audit of business processes: sales, procurement, inventory management)

Representatives of the following companies took part in the trainings: Upjet Travel Group, GK ARSENALTRADING, PJS SCBP "Primsotsbank, Microcredit company Cash office No1 LLC, SOGAZ-Med Insurance Company JSC, Inter RAO PJSC, BPS-Sberbank JSC, METINVEST HOLDING (Ukraine) LLC, Stolichnyi Tsentr Audita I Otsenki LLC, Kia Motors Rus LLC, Gazprom-Media Holding JSC, Novosibirskavtodor OJSC, TC Megapolis JSC, NLMK PJSC, Science and Innovations JSC,Bank VTB (PJSC), Port Management Company LLC, Siberian Service Company JSC and others.

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Dear clients, we are happy to inform you that UHY Yans-Audit has launched a new service Contestation of Cadastral Value.

Cadastral value is determined by mass valuation of plots of land and other real estate items. Cadastral value is the basis for assessment of land tax, land rentals and property tax. Contestation of cadastral value is a complex process consisting of several stages. In order to successfully complete the procedure, it is vital not to be mistaken about choosing proper lawyers and valuers.

Currently, UHY Yans-Audit has all necessary resources to help its clients to reduce exorbitant real estate taxes by insisting on an impartial reassessment. We will be happy to introduce you to the vast experience of our lawyers. In some cases they won, cadastral value was reduced by over 70%.

Our team has partners with a sound legal practice in the field of contestation of cadastral value. Number of cases they won is the highest in the Russian Federation. In addition, our colleagues are members of a working group Improvement of Legislation in Respect of Property Taxes, Cadastral Value and Valuation Activity and directly participate in work on the improvement of Russian legislation. Each partner is a legal expert and is widely published in leading mass media of our country.

We are happy to inform you that a new team of valuers has joined us.

Today we have united market professionals who will be able to solve a wide range of tasks related to valuation activities.

Such tasks include valuation of business, real estate, shares, equipment, non-tangible assets, moveable property etc.

Each member of our team has a long-standing professional experience and completed hundreds or even thousands of projects. All our valuers are consummate professionals who successfully passed the relevant qualifying examination. Some of our new colleagues are pioneers in the field of valuation in Russia. They do academic work and teach at universities.

Professionals of UHY Yans-Audit will perform valuation at a high level of quality and within optimal timeframes.

To learn more about the schedule and register for our autumn session of trainings and webinars, please go to the Training section.

All trainings are available to our clients and partners at a discount of 20%; webinars early bird registration discount is 30%.

Trainings are conducted in our conference hall at the address: 1, 8 Marta Str., bld. 12, Business Centre TRIO.

GEWORD was founded in 2010 and includes the full range of services, including audit and tax, accounting, management and legal advice for local and international clients in various industries, such as energy, construction, transport, tourism and retail trade.

GEWORD has 30 employees, including 2 Partners; office is located in Tbilisi.

UHY International was established in 1986. Today, it is a network of independent accounting and consulting firms in 98 countries, it is ranked among 25 largest international audit and consulting networks. Due to the work of over 8100 consultants in over 320 major business centres of the association, consolidated revenues of UHY member firms in 2017 amounted to $540m.

UHY International is based in London, UK.

More detailed information about global news of UHY International is available here: http://www.uhy.com/publications/

The conference was focused on new trends in the provision of consultancy services, such as cloud mobile technologies in accounting (cloud accounting) and cyber security services. 

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Tax panel discussed actual matters of transfer pricing, tax reforms in the USA and the effect of FATCA requirements on interests of private clients.

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Representative of the Institute of Chartered Accountants in England and Wales (ICAEW) demonstrated and interactive film about corporate management in a public company and how the board of directors and the executive body communicated with an official auditor. All mistakes and weaknesses occurring in such communication were analysed.

UHY partners from various countries took the opportunity of networking during a very interesting excursion inSagradа Familia and Cava Codorniu.

21 May 2018:Corporate fraud: practice of detection and reaction against frauds

22 – 23 May 2018: Method of assessment of the internal control system: corporate and process levels. Creation of a corporate abuse indicator system

24 – 25 May 2018: Building a risk management system in a company

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Representatives of the following companies took part in the trainings: PK Borets LLC, RKS-Holding LLC, PJSC Inter RAO, PJSC Tatneft, JSC Baiterek National Management Holding, AO RDK, PJSC Investtradebank, PJSC Polyus, Omsk branch of JSC Cordiant, PJSC AK BARS BANK, PJSC LUKOIL, PJSC NK Rosneft, Inter RAO – Management of Electric Power Plants LLC, Russian Highways State Company (Avtodor), EMG LLC, JSC Shipyard Yantar, JSC Skincare, JSC OBL Pharm, IK SIBINTEK LLC and a representative office of PJSC Vysochaishy.

Group of companies UHY Yans-Audit took part in the annual project of RAEX (Expert RA) Russian Audit and Consulting, and occupies the following positions for 2017:

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• 21th among largest audit groups and networks

• 6th among firms that provide legal consulting services

• 7th among companies that provide tax consulting services

• 11thamong companies that provide financial consulting services (including accounting outsourcing services)

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We owe our success to you, our valued clients, and we thank you again for your loyalty.

We promise you that we will go on trying our best to provide our services in time and at a high level of quality.

Interest in such area of knowledge is driven by the growth in demand for internal audit services, inflow of personnel from other professional areas, heightened requirements for the qualification of internal auditors, new requirements imposed under the Internal Auditor professional standard and other oversight standards.

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The trainings were developed and conducted by practicing specialists who, in addition to their theoretical knowledge, have a considerable practical experience in building of internal control systems, internal audits and carrying out business process analyses and drawing up the relevant recommendations.

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Participation in training is possible not only in person, but also remotely. It’s not just a webinar! Immersive experience is created by an effective teamwork of professional operators and soundmen and the opportunity for asking questions directly from where you are, get answers online and take an active part in discussions.

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We invite you to take part in our trainings!

We offer a 20% discount to our clients.

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Training schedule and programmes and conditions of participation are on the website of the Training Centre of the Institute of Internal Auditors: www.iva-edu.ru

For more information, please call: +7(495) 103 1051; +7(495) 103 1052, +7 (495) 369 0557.

The training was organised in cooperation with the Training Centre of the Institute of Internal Auditors.

In addition to the theoretical part of the training, participants analysed basic types of corporate fraud, learned how to identify indictors (‘red flags’) of the existing fraudulent schemes, mastered analytical procedures for the detection of corporate fraud, studied particular examples of fraud methods used in particular business processes and discussed approaches to the creation of an effective anti-fraud programme.

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The training was held by:

Aleksey Sonin – Director of a Non-profit Partnership Institute of Internal Auditors, member of the RUIE (Russian Union of Industrialists and Entrepreneurs) Audit Committee, member of the Corporate Management Review Board at the Central Bank of the Russian Federation. Aleksey Sonin has 18 years of professional experience in the internal control and audit. He is a Certified Internal Auditor (CIA) and Certified Fraud Examiner (CFE).

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Representative of the following companies were among training participants: PJSC MTS, PJSC NK Rosneft, JSC Gazprom-Media Holding, PRODO Management LLC, T2 Mobile LLC, JSC Central Research Institute BUREVESTNIK, IK SIBINTEK LLC, JSC Freight One, JSC Raiffeisenbank and others.

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Participation in the training was available not only in person, but also remotely – it was streamed on YouTube.

The training was organised in cooperation with the Training Centre of the Institute of Internal Auditors.

The following matters were discussed:

• Building and development of an effective internal control system

• Corporate controls efficiency assessment method

• Process controls efficiency assessment method

• Using cutting-edge tools for the development of an internal control system and detection of corporative frauds: creation of a system of key indicators

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The training was conducted by Anna Sergeeva – MBA, internal controls and audit expert of the Russian Institute of Internal Auditors, Internal Controls and Audit Director of JSC Stroytransgaz,member of the RUIE (Russian Union of Industrialists and Entrepreneurs) Audit Committee

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Representative of the following companies were among training participants: PJSC T Plus, SVEZA LLC, JSC Gazprom-Media Holding, JSC PhosAgro-Cherepovets, JSC Halyk Bank, PJSC Gazprom Neft, JSC Qiwi, JSC North Caucasus Development Corporation and others.

The training was organised in cooperation with the Training Centre of the Institute of Internal Auditors.

The following matters were discussed:

• Risk management basics

• Building a risk management system in a company

• ERM performance measurement

The training was held by Irina Avdyukhova – Certified International Risk Manager (CIRM) and risk management expert of the Russian Institute of Internal Auditors. Eight years of professional experience in risk management in large industrial companies.

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Representative of the following companies were among training participants: Autonomous non-profit organisation TV-Novosti, JSC VNIIZhT, JSC North Caucasus Development Corporation and others.

This year, the traditional annual meeting took place in Paris from 25.10.2015 through 27.10.2017. UHY Yans-Audit was represented by Nina Bauman. As it usually happens at such meetings, the official part of the programme was eventful and very interesting.

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During a plethora of conferences and workshops, various matters were discussed, such as UHY expansion, updating UHY member firms’ details in UHY-intranet and, in particular, the quality control of services provided by UHY International to its clients.

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Apart from the official programme, there were also plenty of informal gatherings and networking.

Participation in such events always positively affects the development of the company. Studying and using the best world practices help us providing our clients with services in time and at a high level of quality and professionalism.

We are proud of taking part in such kind of events!

At the end of 2016, internal auditors and safety officers of the holding identified many indicators of financial abuse on the part of management and main departments responsible for the collection, transportation and storage of agricultural products. Having been informed of the above-mentioned indicators, the owner, based on results of a restricted tender, chose our company for carrying out an internal investigation into the reasons of such abuse.

Owner’s representatives and we understood that it was important for us not only to find those who committed particular acts of such misconduct, but also analyse weaknesses of the existing internal control system in respect of property safety and propose measures for increasing the efficiency of the internal control system in the future.

In order to solve the task, we created a joint working group consisting of business analysts and financial and industry experts.

Business analysts were responsible for the expert analysis of basic (Soil Preparation,Planting, Harvesting, Delivery From Fields to the Elevator, Storage in the Elevator, Shipment to Clients (Railway and Car)) and auxiliary (Staff Management, Quality Control, Machinery Control, Planning and Budgeting) business processes of the company to identify their efficiency, and the real onsite check to find out how these processes actually worked.

Financial experts compared the onsite check data obtained from business analysts with financial information disclosed in accounting documents, source documents, warehouse ledgers and management reports in order to check their mutual consistency.

Local experienced agriculturists were engaged as industry experts; they helped our financial expert sand business analysts with matters of the sowing plan, work of the laboratory at the elevator, distribution of petroleum, oil and lubricants, spare parts expenditure control, rates of natural loss, humidity and impurity, and other specific industry information. Professor, Chair of IT Department of the local Economics and Management University, acted as a project manager.

During the work, we analysed internal regulations of the enterprise, detected areas of inadequate control and found multiple violations of the adopted in-house regulations. For example, we detected the following: clear violations of the automatic control in the course of product acceptance at the weighing station; laboratory employees understated grain grade and impurity; evidence that unrecorded excess of grains was removed from the elevator as dirt; rail cars were unsealed when products were shipped to customers; violations concerning the accounting for petroleum, oil and lubricants, and spare parts; failure to observe tender procedures related to the selection of suppliers (purchases from bad-faith suppliers at overinflated prices) and other violations.

All our findings and recommendations on each violation detected were described in our report and the presentation submitted to owner’s representatives; as a result, relevant personnel decisions were made, and a plan of the improvement of holding’s internal control system was developed.

We express our special gratitude to our lead auditors Elena Nazarenko and Tamara Belenova for their mental flexibility and dedication to that unusual audit assignment.

On 8 September 2017, UHY Yans-Audit celebrated its 17th birthday. It’s a great age for Russian companies, and we grew from a small firm to a stable and successful company. For 2016, UHY Yans-Audit was ranked 18th among largest audit groups and networks, and we go on developing. With new clients and tasks, we broaden our experience in offering unconventional solutions and open up new horizons and opportunities for the further growth.

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We decided to celebrate UHY Yans-Audit’s birthday with a quest in Kolomna.

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On the territory of Kolomna Kremlin, we were to unravel the mystery of Marina Mniszech’s treasures. Staff had to do some fancy footwork and enhance the team spirit to complete the mission. We found out plenty of new things about the history and Kolomna’s legends, were wrapped up in the originality of Kolomna’s culture and ancient Russian traditions. The mysteries unlocked and the treasures found became a good end of the game, and a celebratory dinner helped all participants recharge their energy.

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We thank all our employees and partners and wish us a Happy 17thBirthday! It’s our common celebration and our common history of development and success!

UHY Yans-Audit continues working on the enhancement of the quality of our services and our performance efficiency.

On 21 August 2017, the compliance of UHY Yans-Audit’s management system with ISO 9001:2015 was confirmed again, and we expanded the list of our certified services. 

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Currently, we have the following certified services:

• Auditing activity;

• Setting up, recovery and maintenance of the accounting record-keeping process;

• Drafting financial statements;

• Accounting consultancy;

• Legal advice;

• Representation in courts and tax authorities;

• Valuation.

Preparation to the certification of services was directly handled by Nina Bauman – Director General of UHY Accounting LLC (full range of accounting services) and Nikolay Litvinov – Director General of ACG Ya.N.S. Audit LLC (audit and consulting services).

We express our special thanks to the Head of the Accounting Services Department Denis Romanenko for his active participation in the preparation to the certification and the procedures for passing the ISO 9001:2015 audit of management system.

Management of UHY Yans-Audit pay special attention to the control over the quality management system, and all their hard work is paid off. High reputation of UHY Yans-Audit on audit and consulting market goes on growing, and the number of complex projects, which require an intensive and effective teamwork, constantly increases. Level of such projects requires the company management to be maximally involved in the projects and study thoroughly the system of organisation and management quality.

Denis Romanenko was appointed as a Director of the Accounting Department on 23 August 2017.

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Denis has three post-secondary degrees: economics (Modern University for the Humanities), legal (Moscow University of Finance and Law) and technical (Moscow Aviation Institute).

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Denis is a member in good standing of the Institute of Professional Accountants and Auditors of Russia. He has more than 15 years of practical experience as a chief accountant and financial director in companies that specialise in various industries and have from 300 to 1500 employees.

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In our company, Denis has been responsible for the implementation of projects related to the accounting support during mergers and acquisitions, reorganisations and bankruptcy for more than two years.

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We are sure that his wide experience and practical knowledge of the development of accounting methodology, document management and business process analysis will help UHY Yans-Audit advance in the provision of accounting services.

Unfortunately, Denis Zhilin leaves our company. He became the Head of the Accounting Services Department in 2005. It was a challenging and interesting period of starting and development of our accounting services, and we went it through together with him. Now it’s one of the key areas of our firm, and we wholeheartedly thank Denis for all hard work he did. We wish him plenty of success and new achievements.

It was a big challenge, but we have successfully solved  this untypical and complex task.

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In 2015, a large service company (that has 1400 employees, 25 branches, over 200 separate business units throughout Russia and a turnover amounting approximately to 1 billion RUB) contacted us after making a decision, in 2014, to have 1C:ERP implemented.

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UHY Yans-Audit took part in the project Russian Audit and Consulting, and now it occupies the following positions for 2016:

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• 18th among largest audit groups and networks (auditors) for 2016;

• 5th among legal consulting firms;

• 6th among companies that provide tax consulting services;

• 7th among companies that provide financial consulting services (including accounting outsourcing);

• 16th among valuation companies.

In 2017, the rating agency RAEX (ExpertRA) changed itsRussian Audit ranking method for2016. Requirements imposed on participants’ data became stricter, particularly concerning the confirmation of key figures. This resulted in the following changes:

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1. Number of participants reduced.

2. Positions of many participants significantly changed.

3. Leading areas of participants’ activities became clearer and more transparent.

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In 2017, we will continue strengthening our group’s reputation and expand our clientele.

Our company continues to actively provide services related to the preparation of transfer pricing notifications and documents justifying the market nature of prices in related-party transactions.

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We are happy to say that the number of our clients that use this service goes on growing. Among our new clients are a large international freight forwarder, major European agricultural tyre manufacturer and an American public company – supplier of materials for the oil extraction and its Russian subsidiary (Limited Liability Company).

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We are sure that if tax authorities conduct reviews of our clients’ transactions, no violations of transfer pricing legislation will be detected.

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Please note that companies shall, by 20thMay of the year following the year when controlled transactions were carried out, notify tax authorities of such transactions and submit, at tax authorities’ request, the relevant documents supporting the market nature of prices within 30 days.

On 1 and 2 February 2017, UHY Yans-Audit organised and held a corporate seminar for  Mining and Metallurgical Company Norilsk Nickel.

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Subject of the seminar: Development of the Methodology and Practice of the Implementation of Investment Projects in the Construction.

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26 people took part in the seminar. The following matters were discussed:

• Management of project programmes and portfolios in the industrial construction;

• Project engineering basics;

• Analysis and practical commentary on changes in land and town planning laws that have been in force since 1 January 2017.

Management company that represents one of the major shareholders of a heat generating company from Siberia engaged UHY Yans-Audit in an external independent review of the state of accounting and the assessment of tax and commercial risks resulted from work of former managers.

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Our professionals carried out all necessary due diligence procedures. Based on results of such procedures, management took initial steps in the improvement of management processes in the company. Our report was considered and approved by Customer’s audit committee.

Since 12 December 2016, we have been members of SRO NP Development of Energy Savings and Improvement of Energy Efficiency ExpertEnergoAudit.

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Our specialists will expertly and promptly:

• Carry out energy examination of your business premises;

• Assess the actual state of energy consumption in the enterprise;

• Identify causes of heat loss and unreasonable use energy resources;  

• Determine the energy saving potential;

• Develop recommendations on the energy saving and improvement of energy efficiency.

Based on the energy audit, we will prepare for you:

• Energy Performance Certificate for your enterprise

• Technical reports

• Recommendations on the reduction of energy consumption costs and improvement of energy efficiency.