The Russo-British Chamber of Commerce in Moscow together with PricewaterhouseCoopers Russia, its long-standing member, held their joint Business Round Table Hot topics in personal income tax and a review of developments in migration and currency legislation, attended by numerous professionals. PwC experts shared their expertise and experiences and covered likely regulative developments and their likely implications for international businesses.
Addressing the audience, Alf Torrents, RBCC Executive Director, noted that “Early 2020 with a change of Russia’s government is a perfect time to look at all the changes in personal income tax, employment regulations, etc. These topics are particularly relevant to the business world given a role they play in Russia’s productivity and making it attractive destination for foreign investment.”
“Last year, there were 4,500 UK companies doing business with Russia,” he said. They do not necessarily all have physical presence in Russia. Before 2014 sanctions, there were about 600 British companies present in the country. The number has somewhat dropped since then, yet an upward trend is now evident and “there is a great deal of interest to what the Russian market is doing at the present time.”
Some companies are still quite active, and “BP is probably the biggest global investor in Russia,” Mr Torrents mentioned, stressing that “As part of our mission, we try to encourage more companies to enter the market.”