Overview of Key Developments in Taxation and Currency Regulation in 2024
Legislative Changes
- Amendments to the Russian Tax Code introducing a progressive scale of personal income taxation (tax reform) entered into force.
- Amendments to the Russian Tax Code aimed at implementing the main directions of tax policy entered into force.
- Amendments to the Russian Tax Code establishing specific rules for the taxation of cryptocurrency transactions were adopted.
- As part of the formation of the federal budget parameters for 2025, further amendments to the Russian Tax Code were adopted.
- A law was passed extending into 2024 the exemption from personal income tax (PIT) for assets received from controlled foreign companies (CFCs) (extension of the deoffshorisation measures).
- A law introducing criminal liability for «paper VAT» was adopted (new Article 173.1 of the Criminal Code).
- Amendments to the Criminal Code increasing damage thresholds for tax-related offences entered into force.
- The State Duma adopted a law introducing mandatory contributions for the distribution of online advertising.
- The «exit tax» for foreign companies was increased from 15% to 35%.
- The Government approved the parameters of the federal investment tax deduction (FITD) in their final form.
- Restrictions on contributions to the charter capital of companies by non-residents were extended until 31 December 2025.
- The requirement for exporters to repatriate and sell foreign currency earnings was extended until 30 April 2025.
- Rules were established for the submission of reports on foreign accounts by residents that are part of the same multinational group of companies (MNE group) as non-residents.
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