Russia: Third quarter salary reports due Oct. 31
Reports on the salaries paid to highly qualified specialists during the third quarter of 2016 (July through September) are due Oct. 31.
What does the change mean? The reports are required quarterly, and employers must meet the minimum salary payment levels by the end of each quarter.
- Implementation time frame: Third quarter reports are due Oct. 31.
- Visas/permits affected: Work patents and work permits for highly qualified specialists.
- Who is affected: Companies that employ highly qualified specialists.
- Business impact: Businesses may face fines if they do not file the salary reports on time.
- Next steps: Employers should prepare to file the reports by Oct. 31.
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 (about US$6,270 to $15,676). 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. 31 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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Source: Berry Appleman & Leiden LLP