Russia: FTS issues new transfer pricing reporting requirements
Russia's Federal Tax Service (FTS) has introduced new guidelines requiring detailed disclosure of the price formation chain in controlled transactions for transfer pricing purposes. According to Guidance Letter ZG-2-13/11134, issued on 2 August
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Russia approves income tax treaties with Abkhazia and Malaysia
The Russian government approved draft laws for the ratification of pending income tax treaties with Abkhazia and Malaysia on 4 September 2024. Previously, Russia and Abkhazia took a step towards economic cooperation by signing an income tax
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OECD urges Malaysia to reintroduce GST to meet deficit target
According to a recent report published in the OECD Economic Surveys on Malaysia for 2024 on 27 August 2024, the OECD recommended Malaysia reinstate the goods and services tax (GST) at a low rate, coupled with targeted social transfers for vulnerable
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Romania suspends tax treaty with Russia
Romania’s government passed a memorandum to suspend the 1993 income and capital tax treaty with Russia on 14 August, 2024. This decision follows after the Russian Ministry of Foreign Affairs, in a press release on 15 March 2023, declared to
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Russia lowers tax thresholds for monitoring system participation
Russia enacted Law No. 259-FZ, published in the Official Gazette on 8 August 2024, which lowers the financial thresholds for businesses to participate in the country’s tax monitoring system. This system offers taxpayers a streamlined process
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Russia clarifies VAT rules for digital services from non-residents
Russia's Federal Tax Service issued Letter No. 16-18/081555, clarifying VAT obligations for digital services provided by non-residents to Russian entities. The letter states that when digital services such as rights to images, music, and video
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Tax Authority Approach to Business Fragmentation: Lessons from a Recent Russian Case
Traditionally, countries like Russia, Kazakhstan, and others in their vicinity have created highly advantageous conditions for small businesses by setting a substantially high ceiling for qualifying for reduced tax rates. For instance, in Russia, a
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Russia approves tax reform bill
The Russian State Duma and Federation Council have approved a tax reform bill aimed at boosting fiscal revenues on 10 July, 2024. Proposed by the Ministry of Finance and endorsed after rigorous debate, the legislation ushers in significant changes
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Russia introduces tax reform draft laws
Russia's Ministry of Finance presented a set of draft laws to the Russian Government intended to enhance the tax system on 29 May, 2024. The package contains several major amendments to the Tax Code, Budget Code and Budget Law for 2024 and the
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Russia issues guidance on 0% tax on gains from share sales involving immovable property
Russia’s Ministry of Finance issued Guidance Letter No. 03-03-06/1/47293, clarifying how to calculate the percentage of Russian immovable property within a legal entity's assets when assessing eligibility for the 0% tax rate on gains from the sale
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Lithuania approves termination of tax treaty with Russia
The Lithuanian government approved a resolution to terminate the 1999 tax treaty with Russia on 26 June 2024. A law for the termination must now be submitted for parliamentary approval. Earlier, the Lithuanian government made public plans to
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Russia, Vietnam sign tax treaty on technical cooperation in tax policy and tax administration
The General Department of Taxation of Vietnam and the Federal Taxation Service of the Russian Federation signed a Memorandum of Understanding (MoU) on technical cooperation in tax policy and tax administration on 20 June, 2024. The tax
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France confirms suspension of tax treaty with Russia
France issued a notice in Official Journal No. 0147 on Sunday, 23 June 2024, regarding the partial suspension by the Russian Federation of the convention between France and Russia. This notice confirms the suspension of treaty provisions, effective
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US: IRS announces suspension of tax treaty with Russia
The US IRS has released Announcement 2024-26 regarding the suspension of the 1992 tax treaty with Russia. The suspension will take effect on 16 August, 2024, for taxes withheld at source and in respect of other taxes, and will continue until the two
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Russia issues tax guidance on interest payments to French residents
The Russian Ministry of Finance has issued Guidance Letter No. 03-08-05/11484 on 12 February 2024, outlining the taxation of interest payments to French residents following the suspension of the Russia-France tax treaty under Decree No. 585 on 8
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US: Treasury confirms suspension of tax treaty with Russia
On 17 June 2024, the US Department of Treasury announced that the United States had provided formal notice to the Russian Federation to confirm the suspension of the operation of Paragraph 4 of Article 1 and Articles 5-21 and 23 of the Convention
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Russia: Ministry of Finance clarifies VAT rules for foreign goods sales
The Russian Ministry of Finance issued Guidance Letter No. 03-07-08/22634 on 14 March, 2024, providing clarification on VAT calculations for foreign-made goods sold under contract in Russia. According to Paragraph 4 of Article 153 of the Russian
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Austria, Russia suspends tax treaty
Austria's Ministry of Finance has issued a new Decree, on 30 May, 2024, superseding a previous Russian notice from December, 2023, regarding the suspension of the 2000 income and capital tax treaty. The decree reiterates the provisions affected
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