Quarterly salary reports due by Oct. 30

IMPACT – MEDIUM

What is the change? Employers are required to file reports by Oct. 30 on the salaries paid to highly qualified specialists during the third quarter of 2015 (July through September).

What does the change mean? The reports are required every quarter, and employers must meet the minimum salary payment level by the end of each quarter.

• Implementation time frame: Oct. 30 is the deadline.
• Visas/permits affected: Work patents and work permits for highly qualified specialists.
• Who is affected: Companies that employ highly qualified specialists.
• Business impact: Businesses face fines if they do not file the salary report on time.
• Next steps: Employers should prepare to file the report by the end of the month.

Background: Employers must meet quarterly salary thresholds and report them each quarter. Employers should make sure they have paid all required salaries by the end of each quarter. Companies that do not comply with the rules may be fined 400,000 to 1 million rubles. Individual company officers may also be fined 35,000 to 70,000 rubles.

BAL Analysis: Companies are reminded to submit the salary notifications no later than Oct. 30 and observe the mandatory salary minimums.

This alert has been provided by the BAL Global Practice group and our network provider located in the Russian Federation. For additional information, please contact your BAL attorney.

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