The draft federal law on amendments to specific acts of legislation was drawn up by the Ministry of Finance.

The bill empowers the Government to appoint a federal executive body authorised to accredit branches of foreign companies operating in Russia and introduces a common approach towards the accreditation of branches and representative offices of foreign companies.

Under Paragraph 2 of the Minutes of the Meeting ISh-ShZ-22pr dated February 14, 2013, and within the scope of its authority, the Government proposes to assign the Federal Tax Service with the duties of accrediting branches of foreign companies. The Ministry of Finance was thus instructed to provide the necessary draft Government regulations regarding this issue.

While carrying out the above state instructions of the Ministry of Finance and the involved federal agencies, it was found reasonable to delegate the accreditation duties related to branches and representatives offices of foreign companies to the Federal Tax Service, which also requires amendments to several documents, including federal laws.  

The initiative also involves drafting a regulation on starting a register of accredited branches and representative offices of foreign companies by the federal executive body granted with the accreditation authority and the rules for maintaining the register.

The amendments to be made concern the oversight of foreign companies by the federal executive body authorised by the Government and responsible for attracting direct foreign investments to the Russian economy.

Additionally, the bill stipulates changes to Federal Law No 5340-1 on Trade and Industry Chambers in Russia dated July 7, 1993. Specifically, it rules out the authority of the Chamber of Commerce and Industry to accredit branches of foreign companies. Amendments are expected to Federal Law No 115-FZ On Combating the Legalisation (Laundering) of Illegitimate Income and the Funding of Terrorism. Specifically, the name of the register mentioned in Article 9, Paragraph 5 will be changed to the name included in the bill, which is the State Register of Accredited Affiliates and Representative Offices of Foreign Companies.

The draft federal law will be discussed at a Government meeting.