The Russian government has extended the deadline for carrying forward tax losses until 31 December 2026. The previous deadline was 31 December 2024. This change will allow businesses that have incurred losses in recent years to offset those losses against future profits. In addition to the extension of the loss carryforward period, the Russian government has also made a number of other changes to the corporate tax code. These changes include:
- The introduction of new deductions for legal entities, such as costs related to insuring assets voluntarily and expenses associated with enhancing assets received as gifts.
- Amendments to the list of exemptions for corporate income tax purposes, including exemptions for gains resulting from transactions involving the replacement of euro bonds with bonds issued by Russian resident companies and for the forgiveness of debts owed to foreign entities or individuals in connection with the sale of shares in Russian resident companies.
These changes are set to come into effect on 31 August 2023.
