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Pepeliaev Group hereby informs that Federal Law No. 86-FZ “On Amendments to the Federal Law ‘On the Legal Status of Foreign Citizens in the Russian Federation’ and Specific Legislative Acts of the Russian Federation” was adopted on 19 May 2010. The Law introduces numerous amendments that enter into force from 1 July 2010, including a simplified procedure for employing certain categories of foreign professionals.

Pepeliaev Group advises that the Resolution of the Russian Supreme Court on the lawfulness of deducting VAT on VAT invoices containing inaccurate data and signed by unauthorised persons has been officially published.

Pepeliaev Group would like to draw your attention to clarifications of the Russian Ministry of Finance on including income in taxable profit in the form of the right to use a trade mark received for no consideration.

Pepeliaev Group advises that the minimum monthly wage in St. Petersburg has been raised by a trilateral agreement.

Pepeliaev Group hereby informs that Vestnik Banka Rossii published on 30 April 2010 Instruction No. 135-I of the RF Central Bank dated 2 April 2010 “On the Procedure Governing the Adoption by the RF Central Bank of a Decision on the State Registration of Credit Institutions and Issue of Bank Licences”, which enters into force within 10 business days of the date of its official publication.

Pepeliaev Group advises that the Presidium of the Russian Supreme Arbitration Court has changed its own legal position on a taxpayer’s eligibility to a VAT deduction based on documents made in the name of so-called “deserted companies”, in other words, companies whose nominal directors refused accountability for their operations.