Please take into consideration that companies registered in Russia are obliged to store their accounting data within the territory of the Russian Federation starting from January 1st, 2022. This requirement extends to physical documents as well as accounting data that are located on computers or servers.
In practice, this requirement will cause the most discomfort for larger foreign-owned organizations that have their accounting in their own ERP systems which store data abroad. Although the 1C accounting system is by far the most widely used in Russia, especially larger firms often opt for their own ERPs such as Oracle or SAP solutions.
In any case, large and small companies alike need to make sure to comply with the new law and store the main accounting database or a copy of it on servers located in Russia.
We will send you articles keeping you up to date with the latest trends and developments in accounting, taxation or legal fields.