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How to Check Your Russian Counterparty: Main Risks
September 2, 2020 15:54


There are several main groups of risks associated with cooperation with unverified counterparties:

Legal risks. As a result of the recognition of the counterparty as unfair, the taxpayer will be required to additionally charge tax liabilities and penalties for income tax, VAT, single tax under simplified taxation system and personal income tax (for individual entrepreneurs). In addition, it will be included in the plan for conducting field tax audits, and in the event of a particularly serious violation, an administrative or even criminal case may be initiated against it.

Financial risks. In this case, the company is threatened with non-fulfillment of obligations by the counterparty. It can be complete - non-delivery of products, non-payment, non-refund of prepayment, or partial - violation of delivery times or fulfillment of other obligations, requirements for the quality of products or works.

Risks of claims against company officials. As a result of the conclusion of a transaction with an unscrupulous counterparty, the person responsible for its conclusion may be recovered for losses both by the company itself and by its shareholders.
Reputational risks. Cooperation with unscrupulous counterparties will negatively affect the company's image in the eyes of partners and clients.

Conducting a check when choosing a counterparty should become the norm, because in most cases today the courts take the side of the tax authorities and it can be very difficult to prove that the company's activities were carried out with due diligence. Experts recommend fixing the verification procedure in the company's internal document. 

Russia-IC has developed mechanisms for checking the conscientiousness of counterparties, including inquiries and analysis of the necessary documentation, as well as a study of the Internet environment. We guarantee the reliability and accuracy of the information collected.

Author: Anna Dorozhkina

Tags: Check Your Russian Counterparty Russian Laws    

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