Russia introduced a new rule for bookmakers

Russia introduced a new rule for bookmakers

Publication date: 9 September 2020

A new rule for bookmakers

Russia has signed a new resolution obliging bookmakers and totalisators to provide and confirm information about sources of their income.

The resolution No.1329 (dated September 4, 2020) prohibits the use of resources not owned by the company for capital formation. The origin of funds will be controlled and the authenticity of information provided will be checked by the Federal Taxation Service of Russia. The company has to provide the Federal Taxation Service with its business documentation confirming that funds belong to the company and are held in its accounts.

A person planning to be a co-founder of a legal entity can contribute to its authorized capital in an amount that does not exceed the amount of the person’s confirmed income. In this case, the co-founder, however, is not obliged to provide tax authorities with information about all sources of the co-founder’s income.
The source of funds, which an individual contributes to the authorized capital of a bookmaker, can be, in particular, the individual’s profit obtained as a result of activity within or outside of the territory of Russia in a manner prescribed by the regulatory framework.

If a company is founded by a legal entity, the legal entity has to report its net asset value as of the last reporting period.

It is worth noting that a new Russian Federal Law regulating the way gambling events are organized and held will come into force on 30 September 2020. What new requirements will bookmakers and totalisators have to fulfil?

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