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The financial statement is one of the most critical documents for any company, allowing investors and counterparties to examine the key performance indicators of the firm over a specific period of time.

Any audit is an independent opinion of professionals in the field of finance who assess the completeness, accuracy, and compliance of the financial statements with the laws of the Russian Federation. The majority of Russian companies prepare their financial statements based on International Financial Reporting Standards (IFRS).

All individuals earning income in Russia are required to pay Personal Income Tax (PIT) at a rate of 13% (or 30% in certain cases). This applies to employment under an employment contract, civil law contracts, as well as situations where income is derived from winnings, sale of a car, real estate, or other assets.

Dividends are profits that are paid annually to holders of securities. Any participants of a joint-stock company, regardless of their citizenship and tax residency, can own shares and receive dividends. However, in the past year, with the introduction of new financial restrictions regarding unfriendly countries, the issue of dividend payments to citizens of these countries has become relevant. Let's delve into it in more detail.

Controlled transactions are those concluded between related parties or entities deemed to be related based on paragraph 1 of Article 105.14 of the Tax Code of the Russian Federation.

Tax calculation is a taxpayer's statement in writing regarding advances, taxes, fees, and other mandatory payments for the reporting year.

The SME register (full name – the unified register of small and medium enterprises) is a database that includes information about organizations and individual entrepreneurs that fall under the criteria of small and medium-sized businesses.

Foreigners coming to Russia for employment are required to register with the tax authority at their place of residence or stay.

Any company, no matter how large it may be, must record every transaction it makes: every sale, every purchase of goods and materials or services, as well as record its cash flows.

Despite many restrictions, the Russian market is still of great interest to foreign companies. Under Russian law, in a number of cases foreign legal entities are obliged to enter into tax accounting and to comply with obligations to assess and pay taxes. Penalties are provided for violations of the law.

Liquidation of a foreign company on the territory of the Russian Federation: everything you need to know about the procedure

Registering a representative office in Germany is one of the most progressive and balanced decisions in 2022 for developing your business, as well as obtaining new customers and markets.

The Federal Republic of Germany is a European country that has been rightfully considered the economic center of the European Union for the past three decades.

Business immigration to Germany is a specialized German federal program for citizens from other countries, which makes it possible to obtain a residence permit and a business visa, as well as start your own business in the state.