Russia and CIS Countries

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27 Feb: Russia: EU sanctions

Russia: EU sanctions Russia: EU sanctions The European Union’s Regulation no. 833/2014 imposes a ban on European operators from directly or indirectly providing certain services to the Russian Government or any legal entity established in Russia. The prohibited services are specified in the art. 5n of the Regulation and include accounting, auditing, tax consultancy, architecture and engineering services, legal and IT consultancy, market research and opinion polls as well as lastly access to specific management software. As of today (February 27, 2024), the aforementioned prohibition does not apply to the provision of services provided for the exclusive use of legal…

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24 Feb: Sanzioni dell’Unione Europea nei Confronti della Federazione Russa 

sanzioni dell’Unione Europea nei Confronti della Federazione Russa A seguito dell’ulteriore deterioramento dei rapporti tra la Federazione Russa e l’Ucraina, sfociato in aperto conflitto, l’Unione Europea ha adottato una serie di provvedimenti sanzionatori nei confronti della Federazione Russa che allargano e inaspriscono i divieti già in vigore dal 2014 e ne introducono di nuovi.   Alla data odierna (status juris: 24 FEBBRAIO 2024), l’impianto sanzionatorio adottato dall’Unione Europea nei confronti della Federazione Russa a seguito dell’aperto conflitto con l’Ucraina si articola nei seguenti atti principali normativi:   Regolamento del Consiglio UE n. 833/2014 “concernente misure restrittive in considerazione delle azioni…

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19 Oct: Italy: Benefits for investors of innovative companies

Italy: Benefits for investors of innovative companies Desk Russia and CIS countries – Newsletter Italian legislation provides several benefits for investors of innovative companies. Olga Pljukhina has summarised the essential elements of the Italian regulation and the benefits for investors in this report: ‘Italy Benefits for investors of innovative companies’.

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30 Jul: Substitutive tax on personal income received abroad (resident but non domiciled)

Substitutive tax on personal income received abroad (resident but non domiciled) July, 2023 – Currently, a progressive income tax scale for individuals – Italian tax residents -is in force in Italy. The scale is from 23 to 43 percent, based on the amount of income received. At the same time, the income received abroad is subject to the taxation too. However, there are rules aimed to attracting wealthy businessmen (High Net Worth Individual). In particular Art. 24bis of the Income Tax Consolidation Act provides the possibility for individuals who transfer their tax residence to Italy to pay a Substitutive tax…

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03 May: Recent rulings of the General Court at the European Court of Justice regarding the challenges of European individual sanctions by sanctioned Russian subjects

Recent rulings of the General Court at the European Court of Justice regarding the challenges of European individual sanctions by sanctioned Russian subjects As is well known, following the deterioration of the relationship between the Russian Federation and Ukraine, which escalated into open conflict in February 2022, the European Union adopted a series of restrictive measures against the Russian Federation that extend and intensify the restrictions already in place since 2014 and introduce several new ones. Following the implementation of the latest sanctions package approved on 26 February 2023, more than 1,450 natural persons are included in Annex I to…

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14 Feb: Uzbekistan: Free economic zones

Uzbekistan: Free economic zones Uzbekistan offers a great variety of investment opportunities. It has several industries operating in the metallurgical, chemical, textile, agricultural, construction and food sectors, which present a lot of potential for growth in both local and export markets.   The legal framework of the Uzbek Free Economic Zones (“FEZ”) originates from the Law “On Special Economic Zones” n. ZRU-604 dated 17.02.2020, the Tax Code, several Resolutions and Decrees adopted by the President and the Cabinet of Ministers and other Uzbek regulatory sources.   Today, in Uzbekistan, there are 22 FEZs with four different sectoral orientations: 12 industrial…

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10 Nov: Azerbaijan: Alat Free Economic Zone

Azerbaijan: Alat Free Economic Zone   Azerbaijan is a country located between the Caspian Sea and the high Caucasus Mountains. Azerbaijan is a rich in natural resources, such as oil and gas to various precious metals, as well as a potential tourist, agricultural and transportation hub.   The Alat Free Economic Zone (AFEZ) is a special economic zone located on the Caspian Sea, near the port of Baku, the Azerbaijani capital, 50 km south of the city centre. Its strategic geographic location aims at establishing the area as a regional investment hub and increasing the competitiveness within the Europe-Caucasus-Asia and…

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19 Oct: Kazakhstan: Special Economic Zones

Kazakhstan: Special Economic Zones (update 2022) Kazakhstan is a country of great opportunities, full of history, and, seeking to become one of the most competitive economies in the world. Kazakhstan’s territory has unique mineral resources, and significant oil and gas deposits. Moreover, Kazakhstan is a member of the Eurasian Economic Union alongside Russia, Belarus, Armenia and Kyrgyzstan. Special Economic Zones (SEZs) are particular sites of the Republic of Kazakhstan characterised by a special legal regime and specific infrastructures assigned to carrying out certain priority activities. SEZs activities are regulated by the Constitution of the Republic of Kazakhstan, the Law of…

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28 Jun: Russia: Temporary regime for the fulfilment of obligations towards specific holders of intellectual property rights

Russia: Temporary regime for the fulfilment of obligations towards specific holders of intellectual property rights At the end of May 2022, the new Presidential Decree no. 322 on the temporary procedure for the fulfilment of obligations towards certain intellectual property owners was adopted.   The temporary procedure was introduced for the fulfilment of the pecuniary obligations arising from the use of the intellectual property rights and (or) other signs of identification, whose owners are: foreign persons from hostile countries (including their Russian subsidiaries); persons who publicly supported the foreign sanctions introduced against the Russian Federation; persons who, after February 23,…