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IMPACT – MEDIUM
What is the change? Employers must report the first quarter salaries of highly qualified specialists no later than April 30.
What does the change mean? While this is a regular quarterly requirement, employers should remember that under a new law, they must meet salary thresholds that are calculated monthly, not yearly.
Background: April 30 is the deadline for companies to report salaries paid to foreign highly qualified specialists during the first quarter, Jan. 1 through March 31.
Employers should also note that under new rules, HQS salaries must meet thresholds each month, rather than on a yearly basis. For example, employers must show that they are paying a 2-million-ruble annual minimum salary proportionately by paying the employee 167,000 rubles per month.
Companies that violate salary reporting requirements face administrative fines that range from 400,000 to 1 million rubles. Individual company officers may also be fined 35,000 to 70,000 rubles.
BAL Analysis: Companies are encouraged to work with their BAL attorney to prepare the salary notifications and observe the new monthly minimums.
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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