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IMPACT – HIGH
What is the change? Employers must report the income of highly qualified foreign specialists on a quarterly basis.
What does the change mean? Reporting for the fourth quarter of 2014 is due no later than Jan. 31.
Background: The reports are required quarterly. The deadline is Jan. 31 for reporting the salaries of highly qualified specialist foreign employees for the period Oct. 1, 2014 to Dec. 31, 2014.
Companies that fail to comply face administrative fines ranging from 400,000 to 1 million rubles (about US $6,000 to $15,000). Company officials may also be fined 35,000 to 70,000 rubles (about US $530 to $1,060).
BAL Analysis: Employers are encouraged to track salaries regularly to make it easier to collect and report the data by the quarterly deadlines. Employers should work with their BAL attorney to prepare reports by the deadline.
This alert has been provided by the BAL Global Practice group and our network provider located in Russia. For additional information, please contact your BAL attorney.
Copyright © 2016 Berry Appleman & Leiden LLP. All rights reserved. Reprinting or digital redistribution to the public is permitted only with the express written permission of Berry Appleman & Leiden LLP. For inquiries please contact copyright@bal.com.
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