On 28 February 2022, the Russian Central Bank has announced the decision to increase the key rate from 9.50% to 20%. The measure was taken in response to the Russian invasion of Ukraine, followed by harsh sanctions and the collapse of the Russian ruble. The key interest rate is used for the purposes of calculating interest deduction and late payment interest on overdue taxes
«
Previous post
OECD: Building an Investment Tax Incentives Database
OECD: Building an Investment Tax Incentives Database
Related Posts
Russia amends Tax Code, increases corporate income tax rate
January 21, 2025
Russia has introduced several changes to its Tax Code, effective starting 1 January 2025, which includes changes to the corporate income tax rate, simplified tax regime and tourist tax. The corporate income tax (CIT) rate has been raised
Read More Russia updates tax information exchange list
January 14, 2025
Russia’s Federal Tax Service (FTS) has updated its lists of jurisdictions for tax information exchange, effective 31 December 2024. The new changes were announced through two decrees, No. IED-7-17/914 and IED-7-17/916, published on 20 December
Read More Russia expands list of agricultural seeds eligible for reduced VAT rate
January 09, 2025
The Russian government has issued Resolution No. 3596-r, expanding the list of agricultural crop seeds treated with biological or chemical agents that are subject to a reduced VAT rate of 10% upon sale and import. The resolution, which came into
Read More Russia: MoF clarifies loss carry-forward rules for CFCs redomiciled as international companies
January 02, 2025
The Russian Ministry of Finance (MoF) clarified in Guidance Letter No. 03-12-11/2/107192, published on 9 December 2024 that, under certain conditions, losses can be carried forward by a controlled foreign company (CFC) registered in Russia and
Read More Russia introduces reduced corporate income tax rate for electronics manufacturers
January 01, 2025
Russian companies manufacturing equipment for electronic components and radio-electronic products will benefit from a reduced 8% corporate income tax rate starting 1 January 2025. This tax incentive is part of government Resolution No. 1848,
Read More Russia updates CbC reporting jurisdictions
December 31, 2024
The Russian Federal Tax Service (FTS) has updated its list of jurisdictions for automatic exchange of country-by-country (CbC) reports, effective 31 December 2024. The revised list comprises 45 states and 10 territories, compared to the previous
Read More