The latest and only amendments to the legislation regulating transfer prices were made at the start of April this year. However, the legislature failed to fulfil the hopes of taxpayers, who were anticipating that major flaws would be eliminated. Regrettably, the law as it stands contains an abundance of them.
Customs formalities in respect of personal belongings' crossing the boarders of the Customs Union by expatriates are stated in the Intergovernmental Agreement [of the Customs' Union states, i.e. Russia, Belarus and Kazakhstan ("CU")] of June 18, 2010 (as further amended on October 19, 2011).
Russia is currently marked out by being active in making substantial changes to its legislation. Many of these have to do with growing integration in international economic, financial, scientific and legal processes. However, the new developments go beyond those directly required for joining international conventions or organisations, and are also due to various institutions filtering their way into the country’s social and political structures.
Choosing Russian law as governing law for M&A transaction as a trend in M&A activity has recently been discussed widely in the context of the state’s proclaimed policy to this effect. This trend could be set in motion in the context of the government’s de-offshorization policy in conjunction with plans to privatize state-owned assets.
