The Ministry of Economy has announced on 17th November 2016 that the Senate had adopted a draft law (draft Law No. 26-VI; in Russian) introducing changes to the tax legislation. This draft law is sent to the President for signing and contains the following tax changes:
- Incentives on corporate income tax for leasing companies will continue to apply;
- loans granted by banks and other financial institutions using a licence and carrying on their activities are free from VAT;
- ferry and railway transportation is subject to a 0% VAT rate;
- taxpayers applying a special tax regime on the basis of a patent may carry on any type of business activity; but, from 2020, such taxpayers may only carry on business activities which are listed by the government. (Previously, this list was to be introduced from 2017.).
