Latest news on changes and upcoming challenges in Tax, Customs & Legislation affecting the Russian Fashion market
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1 Latest news on changes and upcoming challenges in Tax, Customs & Legislation affecting the Russian Fashion market Lars Flottrong Director-Partner, SCHNEIDER GROUP London, March 30, 2017
2 Russia: Economic Indicators Vast potential Indicators 2016 Public debt, USD bln* 183 Public debt as a % of GDP 13.2% Consumer credit, USD bln 192 Consumer credit as a % of GDP 13.6% Human Development Index (HDI) Unemployment (February), % GDP, USD bn *Year-end exchange rates were used Source: Russian Ministry of Finance, Federal State Statistics Service (Rosstat), UNDP, Central Bank Russia is a major market with 144 million inhabitants, of which 74% live in urban areas Very close to Europe with strong historic and economic ties 77 million people are of working age (aged 15-72) According to OECD, 54% of those aged have attained university degree Average life expectancy at birth: 70.1 years. 12 th largest economy in the world in 2016 measured by GDP in real terms: USD 1,270bn. GDP per capita in 2016 at current prices: USD 8,840 (and USD 26,110 based on PPP). 6th largest economy in the world in 2016 measured by GDP based on PPP valuation: USD 3,745bn. Annual progress in World Bank s Ease of Doing Business 2017 ranking: 40 th place in 2016 (2015: 51 st ). Average monthly salary in Russia is RUR (EUR 580) Corruption Perceptions Index score (Transparency International): 29 in 2016 (2015: 29). 2
3 5/25/2013 7/25/2013 9/25/ /25/2013 1/25/2014 3/25/2014 5/25/2014 7/25/2014 9/25/ /25/2014 1/25/2015 3/25/2015 5/25/2015 7/25/2015 9/25/ /25/2015 1/25/2016 3/25/2016 5/25/2016 7/25/2016 9/25/ /25/2016 1/25/2017 3/25/2017 FX rate RUB/GBP RUB/GBP
4 5/25/2013 7/25/2013 9/25/ /25/2013 1/25/2014 3/25/2014 5/25/2014 7/25/2014 9/25/ /25/2014 1/25/2015 3/25/2015 5/25/2015 7/25/2015 9/25/ /25/2015 1/25/2016 3/25/2016 5/25/2016 7/25/2016 9/25/ /25/2016 1/25/2017 3/25/2017 FX rate RUB/EUR RUB/EUR
5 5/25/2013 7/25/2013 9/25/ /25/2013 1/25/2014 3/25/2014 5/25/2014 7/25/2014 9/25/ /25/2014 1/25/2015 3/25/2015 5/25/2015 7/25/2015 9/25/ /25/2015 1/25/2016 3/25/2016 5/25/2016 7/25/2016 9/25/ /25/2016 1/25/2017 3/25/2017 FX rate GBP/EUR GBP/EUR 5
6 9/5/2016 9/12/2016 9/19/2016 9/26/ /3/ /10/ /17/ /24/ /31/ /7/ /14/ /21/ /28/ /5/ /12/ /19/ /26/2016 1/2/2017 1/9/2017 1/16/2017 1/23/2017 1/30/2017 2/6/2017 2/13/2017 2/20/2017 2/27/2017 3/6/2017 3/13/2017 3/20/2017 3/27/2017 FX rate RUB/GBP: 6 months RUB/GBP
7 9/5/2016 9/12/2016 9/19/2016 9/26/ /3/ /10/ /17/ /24/ /31/ /7/ /14/ /21/ /28/ /5/ /12/ /19/ /26/2016 1/2/2017 1/9/2017 1/16/2017 1/23/2017 1/30/2017 2/6/2017 2/13/2017 2/20/2017 2/27/2017 3/6/2017 3/13/2017 3/20/2017 3/27/2017 FX rate RUB/EUR: 6 months RUB/EUR
8 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Real income Change in % year to year 8
9 Russia Overview (SWOT Analysis) Strengths Member of WTO Access to more than 142 mil. consumers Import-substitution in Russia opens up new opportunities for an exclusive market entry Consumers are generally ready to pay higher prices for western goods Opportunities Access to EAEU (Leading role) Re-industrialisation & localisation policy Economic sanctions National industry consumption hard to estimate Weaknesses High centralisation of eco./pol. power Political influence in economy Bureaucratic obstacles weaken perfect competition Dependency on raw materials Legislative obstacles in border traffic outside of EAEU Threats Worsening of economic sanctions because of political tensions Corruption Low productivity in the industry The recession of the past years has limited the economic opportunities of many consumers 9
10 News
11 Society of the Federal Tax and Customs authorities Since Central data processing centre of Russian Finance and Tax authorities (investment volume- 4 b USD) Exchange of information between the different Tax and Fiscal organisations Consolidation of the customs and tax databases towards the end of 2016 Transparency on all levels and immediate access to data in case of controls Automatic customs value control Project: Tracking of goods beginning from the initial import until the final customer, planned for whole EAUE (Customs receive information, at which prices the goods are sold to the final customer) Criteria for post-control 11
12 The Russian fashion market today EXPORT (I) Customer accounting erp import legal tax 12
13 Import structure Export of apparel and knitwear from the eastern EU-member states into the Russian Federation 13
14 Austria Belgium Bulgaria UK Hungary Germany Greece Denmark Ireland Spain Italy Cyprus Latvia Lithuania Luxembourg Malta Netherlands Poland Portugal Romania Slovakia Slovenia Finland France Croatia Czech Republic Sweden Estonia Import structure 30 Import of goods from Russia in 2015 (bn Euro) Export of goods into Russia in 2015 (bn Euro)
15 GLOBUS WED in only 5 minutes Код ТНВЭД , ПАЛЬТО и ПОЛУПАЛЬТО ИЗ ХЛОПЧАТОБУМАЖНОЙ ПРЯЖИ ТРИКОТАЖНЫЕ Code TNVED , Coat and jacket made of cotton yarn knitwear 15
16 GLOBUS WED in only 5 minutes Share chart by country of departure in USD Germany (DE) 28% Latvia (LV) 72% accounting ERP erp import import legal legal tax tax 16
17 Customs post-control Inspection and post-control In the course of the customs control the customs will not only request documents and information about the company activities immediately to be checked of the organization at the bank, but also documents and information about all related entities Determination of duties of the taxpayer concerning the disclosure of descriptions of quantities of the foreign goods together with the number of the customs declaration and the company With the draft law, a norm will be introduced, which foresees the possibility of accessing the information about the handover of goods, which are available to the customs, for the interested parties. 17
18 Customs post-control Customs inspection at sight In case of an inspection by the customs at sight, the customs authorities will travel to the location of the legal entity, to the location of the activities of the self-employed worker and / or to the actual place of performance of the activity The customs inspection at sight can take place in a scheduled or unscheduled manner, and usually is carried out based on the according decision (order, order to execute a control) For the same legal entity, scheduled inspections are at most carried out only once per year 18
19 EAUE customs code Was signed on , no under ratification To come into force by mid of 2017 Proceeded harmonisation of customs union Introduction of electronic custom clearance in all countries including tracking of goods (also in bilateral transport between the countries of the EAUE) Closing of remaining loopholes for grey import and price manipulation is being pushed 19
20 The government strikes back Russia is fighting grey imports Callback of bank licenses of Russian Banks from the Russian Central Bank Number of recalled licenses: * * January-March
21 The government strikes back Russia is fighting grey imports The fight against money laundry in the Baltic states, a lion s share of the grey imported clothing to Russia goes through them In August 2016, the Italian central bank prohibited the activities of the Italian subsidiary of the Latvian PrivatBank, which had violated the Anti-Money Laundering Act 21
22 The government strikes back Russia is fighting grey imports The import regulations for the import of children's goods to Russia are tightened - shoes, clothing, toys, car seats, furniture and hundreds of other products are now under special control The number of inspections is increasing: fake products and products with fake quality and safety certificates are being intercepted 22
23 The government strikes back Russia is fighting grey imports "Black list" of tax authorities with companies (Letter from the Federal Tax Service N GD-4-14/14126) Mass Registration General directors who are registered in 5 or more companies Massive audits and checks of strange companies 23
24 RFID (KiZ) Initially planned for January 2016 postponed due to technical problems at authorities side Introduction on August 12 th 2016: Fur clothing must be equipped with an RFID chips. 45 days were given for the implementation. As of 1 January 2017, these chips were also planned for leather goods (including shoes) deferred, but now being discussed again Through the personal account, the taxpayer requests the chips at the regional issuing center (KiZ) 3 types of labels: sewed in, glued and attached labels 24
25 RFID (KiZ) Production RFID State printing house Tax authorities Delivery What s this? When & where produced Store 25
26 Retail: Fiscal printer - clouding Organizations selling goods and accepting cash and/or bank cards are obliged to transfer the data directly to the Federal Tax Service The law 54 FZ makes the usage of the new online cashier systems mandatory from July 1 st, 2017 (from February 1 st only new types of cashier systems are accepted for registration) Fiscal receipts are automatically sent to the tax autjorities money Fiscal data operator data check receipt confirmation Federal tax service receipt Customer Online cash register 26
27 News Customs tariff at zero rate for knitwear Affected are goods with the customs tariff number WED of the EAEU. The application period of the zero rate is from September 2 nd 2016 August 31 st Objective: support of local production 27
28 News The free trade zone between EAEU and Vietnam came into force in October 5 th, 2016 The agreement on the free trade zone with Vietnam is intended to reduce the grey imports of clothing from Vietnam, as the tariffs for the goods will initially drop and in some cases even be zero. 28
29 Market entries of fashion brands Opened their first store in Russia in 2011 Opened their Russian LLC in 2013 Opened their Russian LLC in 2014 Opened their Russian LLC in 2014 Opened their Russian LLC in 2015 Opened their Russian Online LLC in 2015 Opened their Russian LLC in 2012 and plan to localize their production in Russia (Autumn 2017) 29 29
30 Lars Flottrong Director Partner The exclusive right to the content of this presentation including the rights of translation, reproduction, transmittal, distribution and usage of the presentation and parts of it, in any way, as well as the rights to the company s logo and name SCHNEIDER GROUP, in existing and future publications in printed or electronic form, and the ability to confer rights to a third party belong to SCHNEIDER GROUP. The reproduction, alteration, transmittal or any distribution or usage of this presentation or parts of it, as well as of the company s logo or name SCHNEIDER GROUP in any way, need the written permission of SCHNEIDER GROUP in advance and shall be accompanied with the link to the SCHNEIDER GROUP website and reference to the copyright permission. SCHNEIDER GROUP 30
31 russia ukraine belarus kazakhstan germany poland
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