Monday, 30 January 2017

Russian Tax Code gets an update effective 2017

The President of the Russian Federation signed into law on November 30, 2016, a bill (Federal Law No. 401-FZ or the ‘bill’) amending the Russian Tax Code (RTC). The bill introduces important changes to the Russian tax law, including provisions:

  • restricting the tax loss carryforward rules,
  • increasing the late-payment interest rate on underpayments of taxes,
  • modifying the allocation of corporate income tax between federal and regional components,
  • excluding interest-free loans and guarantees, both free-of-charge and fee-based, from the scope of Russian transfer pricing (TP) regulations if the transactions are between related parties in Russia, and
  • exempting movable property from property tax, conditioned on the enactment of corresponding laws at the Russian Federation constituent region level.

The most significant amendments generally take effect January 1, 2017.

Source & more info: PwC