Key Legislative Requirements:
- Local Storage: All original accounting records (both paper and digital) must be stored within Russia. Scanned copies cannot replace original documents.
- International Operations: Companies operating in other countries must comply with local laws on document storage in addition to Russian requirements.
- Data Integrity: Specialized software is mandatory for managing and storing accounting data—basic tools like Excel are insufficient.
Potential Penalties for Non-Compliance:
Violations may result in fines or other legal consequences:
- For Companies:
- Up to 10,000–30,000 RUB for minor violations.
- 20% of unpaid taxes (minimum 40,000 RUB) if violations reduce taxable income.
- For Responsible Individuals:
- First-time offenses: 5,000–10,000 RUB.
- Repeat offenses: Up to 20,000 RUB or disqualification for up to two years.
Additionally, non-compliance with localization laws may breach personal data protection regulations, leading to penalties of up to 18 million RUB for repeated violations.
Practical Solutions:
Assino suggests several strategies for adapting to these new requirements while maintaining operational efficiency:
- Data Integration: Export data daily from foreign systems to a compliant Russian platform.
- Localized Operations: Maintain local records in Russian software with periodic updates to global systems.
- Parallel Systems: Run dual accounting systems, though this requires additional resources.
- Transition to Russian Software: Fully adopt domestic solutions for long-term compliance.
At Assino, we specialize in helping businesses navigate these challenges. Our team has extensive experience transitioning companies from foreign to Russian software. If you need support, reach out for an audit and tailored solutions.
