The Federal Law No. 167-FZ that amended tax code has entered into force with effect from June 24, 2014. On the basis of Federal law, companies that failed to complete their withholding tax obligations subject to dividends paid to Russian companies in 2014 are relieved from any tax liability provided by article 123 of the Tax Code. On the other hand, Russian companies those are the recipients of dividends must pay the appropriate corporate income tax due. The depositories which transferred dividends to Russian companies in 2014 shall report this to the tax authorities until January 31, 2015.
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