Russia: Employers Have Until October 30 to Report Salaries of Highly Qualified Specialists
The Russian Federal Migration Service requires that companies operating in Russia that employ Highly Qualified Specialists (HQS) report the salaries paid to those HQS during the third quarter of 2014 (July 1 to Sept. 30) before the end of the month.
Employers that do not comply face administrative fines ranging from 400,000 rubles to 1 million rubles (approximately $10,000-$25,000) against the company and from 35,000 rubles to 70,000 rubles (approximately $870-$1,750) against company officials. Therefore, companies that have HQS as a part of their workforce should regularly track these salary payments and maintain an ongoing database so as to best facilitate compliance with the reporting laws. This will avoid the need to engage in ad hocefforts to satisfy the disclosure requirements completely.
The deadline for reporting for this third quarter of 2014 is October 30.
Shaun Staller contributed to this article.