Presidential Decree No. 585 “On Suspension by Russia of Certain Provisions of Russia’s International Treaties on Taxation Matters” (the Decree) was published on 8 August 2023. This Decree represents a natural development of the initiative announced by the Ministry of Finance and the Ministry of Foreign Affairs of Russia to unilaterally suspend Double Taxation Treaties (the DTT, the Treaty) in response to the European Union’s decision to place Russia on the list of jurisdictions that do not cooperate with the EU on taxation matters.
On 21 July 2023, the State Duma of the Russian Federation (the State Duma) passed in its third reading bill No. 369931-8, implementing the key areas of the fiscal policy for 2023 and the target period. The proposed amendments are systemic and stipulate changes to 30 chapters of the Tax Code of the Russian Federation (the Russian Tax Code). The key amendments are summarised below.
In recent days, several Decrees of the President of the Russian Federation and instructions of the Central Bank of the Russian Federation have been published, which introduce serious currency restrictions in addition to those already in force under the Federal Law “On Currency Regulation and Currency Control”. A number of restrictions also apply to the conditions for investors to withdraw from projects in the Russian Federation.
The Decree establishes significant restrictions on cross-border monetary transactions and is directly related to both: transactions of individuals and participants in foreign economic activity.
The spread of coronavuirus (COVID-19), as well as the introduction of a broad range of restrictive measures to contain it, will have a negative impact on many sectors of the Russian economy. How will this situation affect taxpayers' obligations in relation to making mandatory payments to the budget? Further considering the restrictive measures and the fact that most employees will start working remotely, will there be a change to the overall interaction between taxpayers and tax authorities?
Russian lawmakers have introduced bills to zero out the country's dividend tax for certain companies in designated regions.
On December 21, 2018 the new Decree No.8 established by the President of the Republic of Belarus simple and transparent rules for running innovative business models for Belarusian Hi-Tech Park residents (HTP).
As stated by the President of Russia Vladimir Putin, the state is ready to help domestic businesses on a Pro Bono basis to return capital from abroad by issuing foreign currency bonds. This good for the part of entrepreneurs the news the President announced on December 21 at a meeting in the Kremlin. The issue of the “bonds of external loans denominated in foreign currency” is scheduled for next year. According to the President, the government and the Central Bank has already elaborated this issue, it remained for the technical issues – issue details and conditions.
Some of Russia's super-rich have given up residency to escape a 2014 law requiring them to disclose offshore assets, wealthy businessmen told Reuters, a practice that could keep billions of dollars hidden from Moscow's tax authorities.
ACEA’s Tax Guide gives an overview of motor vehicle taxation in the 28 EU member states, the EFTA countries (Iceland, Norway and Switzerland) as well as major world markets such as Brazil, China, India, Japan, Korea, Russia, Turkey and the United States.
Ilya Nikiforov, Anna Ivanova, Vladimir Stepanov, Mark Rovinskiy, Pavel Sadovsky, Maria Demina, Maria Kobanenko, Denis Gavrilov and Elena Kazak became the authors of Doing business in Russian Federation by Practical Law.
On October 22, 2014 a draft law on the taxation of the Controlled Foreign Companies was submitted to the State Duma of the Russian Federation. The Duma’s specialized committees should provide their comments on the draft before November 2, 2014.
On September 2, 2014 the Russian Ministry of Finance posted the third revision of the draft law on taxation of controlled foreign companies - CFCs (hereinafter the “Draft Law”) on its site.
Russia is considering a tax amnesty for Russian-owned offshore companies as part of a wider effort to encourage the repatriation of capital and discourage the use of offshore companies for tax avoidance, a government spokeswoman told Tax Analysts.
The Finance Ministry is pushing ahead with its program to entice Russian-owned offshore firms to repatriate capital. A new law will impose penalties on such companies for tax evasion, but offers the carrot of a 2-year amnesty for those firms which decide to relocate to Russia.