International Debt Collection for Russia
According to recent studies and because of the economic context, more people and creditors are looking to contact collection agencies in order to recover the debts all around the world.
When you’re doing business outside U.S for example Russia and when invoices and payments remain unpaid and you are facing the choice of doing nothing and hope for the best or take action then you can think of nothing but to contact some debt collection agency in the concerning area. It is good to know that you can go to a collecting agency which has the necessary experience and expertise.
There is no specific law in Russia for debt collections. collection is regulated by the general provisions from the Civil Code and several laws in bank and banking industries.
Why choose Cedar:
Amicable pre-legal negotiation
Language barrier covered with highly professional and Arabic speaking staff
Reciprocal agreements against judgments
Our team of professionals is specialized in the field of Labor cases, Contract, Agreements, Debt Collection in Russia, Reconciliation, Commercial Litigation and Intellectual Property services.
Russian Federation Individual – Tax administration
There is no provision for a taxable year other than the calendar year.
Tax in respect of employment earnings and certain other payments must be withheld at source by the entity making the payment, if this entity is a tax agent. This includes tax on income from the performance of labour under civil law contracts. Individuals receiving income from foreign sources and some other types of income from which tax is not withheld at source are responsible for the declaration of taxable income and payment of Russian tax.
Declarations of income must be submitted no later than 30 April following the reporting year. Joint returns for a husband and wife are not permitted.
In the case of termination of a foreign national’s activities in Russia, declaration of actual income received during the period of stay in Russia must be made one month prior to permanent departure from Russia.
Payment of tax
The PIT payment is generally due no later than 15 July of the year following the reporting year. The payment needs to be made either in cash or from the taxpayer’s personal Rouble account opened with a Russian bank. It is not possible to make payments in a foreign currency. Tax overpaid may be, at the taxpayer’s request, either refunded or credited against future liabilities.
A self-employed individual is obligated to make three advance payments: on 15 July, on 15 August, and on 15 November. The balance of the tax due is to be paid on 15 July.
Tax audit process
In chamber audit shall be performed within three months after the tax return filing.
The tax authority in Russia is the Federal Tax Service.
Statute of limitations
The statute of limitations is three years.
Topics of focus for tax authorities
The topic of focus for tax authorities is rental income received by landlords. Read More
Cedar Financial is one of the few American debt collection agencies specializing in international debt collection and all over the globe 24/7.