Russia: CBR raises key interest rate to 15%
On 27 October 2023, the Central Bank of Russia (CBR) increased its key interest rate from 13% to 15% to combat rising inflation in the country. Increasing domestic demand is exceeding the capacity to produce goods and services, leading to elevated
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Russia extends deadline for carrying forward tax Losses, makes other changes to corporate tax code
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
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Anguilla suspends exchange of tax information with Russia and Belarus
On 21 August 2023, the Government of Anguilla announced the suspension of exchanges and the sharing of tax information with Russia and Belarus in solidarity with the United Kingdom (UK) Government. Tax information is exchanged as part of a
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Russia amends regulations on taxation of controlled foreign companies
On 31 August 2023, the government of Russia announced new tax rules that will exempt profits of foreign collective investment structures from taxation. The exemption will apply if the following conditions are met: The profit of the structure is
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Russia plans to implement windfall tax in 2024
On 7 August 2023, the President of the Russian Federation signed a law No. 414-FZ establishing a new federal tax of a one-time nature the excess profit tax. Taxation will apply to the surplus earnings of Russian companies, foreign entities
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Russia: CBR announce decision to increase the key interest rate
On 15 August 2023, the Central Bank of Russia (CBR) declared a significant increase in the key interest rate, raising it by 350 basis points from 8.5% to 12.00% annually. This decision was made to address the growing concerns related to price
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Russia: parliament approves draft law for excess profits tax
On 13 June 2023, a draft law has been introduced by Russia's State Duma to implement an excess profits tax on companies that earned an average revenue of over RUB 1 billion in the years 2021 and 2022. This tax will apply a 10% rate to the variance
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Russia suspends DTAs with 38 unfriendly countries
The Russian Ministry of Foreign Affairs has declared to suspend application of double tax agreements (DTAs) with unfriendly 38 countries that have introduced unilateral economic restrictions against Russia. The potential repercussions entail
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Russia enhances criteria for regional tax reduction on IP licensing income
Russia has recently enacted Federal Law No. 166-FZ on 28th April 2023, which brings changes to the provisions introduced in August 2021 regarding regional corporate tax rates for income derived from the licensing of intellectual property (IP) in
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Russia plans windfall tax on large companies to tackle budget deficit
Russia's Ministry of Finance is reportedly finalizing a draft law to impose a windfall tax on large Russian companies, aiming to address the country's budget deficit and narrowing current account surplus. According to Finance Minister Anton
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Russia: Government proposes to extend limitation for carry-forward of losses
On 24 April 2023, the Russian Government has submitted a draft bill to parliament proposing an extension of the current limit on the offset of carried forward losses. Currently, from 1 January 2017 to 31 December 2024, companies are only allowed to
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Russia: Government proposes to change the single tax payment deadline
On 4 April 2023, the Russian government has proposed a draft law to move the deadline for the mandatory single tax payment from the 28th day of the month to the 25th day. The objective of this proposal is to prevent cash gaps in regional and
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Russia: Government plan to create free economic zone in new occupied territories
On 20 March 2023, the government of Russia planning to establish of a free economic zone in the new occupied territories of the Donetsk, Zaporizhzhia Kherson, and Lugansk. Taxpayers that meet the criteria for eligibility and operate within the free
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Russia: Government decide to impose windfall tax on large companies
According to announcement from the Minister of Finance of Russia, an agreement has been reached by the Russian government to impose a windfall tax on big companies operating in Russia. A proposed tax on large company’s excess profits is set to be
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Russia: MoF Clarifies Tax Incentives for IT Sector
On 1 February 2023, the Ministry of Finance (MoF) of Russia published a Guidance Letter 03-03-06/1/5102 clarifying the application of tax incentives in the IT sector, that reducing the corporate income tax rate and social security
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Russia: MoF Clarifies Late Payment Interest in 2023
On 27 January 2023, the Ministry of Finance (MoF) of Russia published a Guidance Letter 03-02-07/126954 clarifying the late payment interest applicable in 2023 regarding unpaid taxes. Late payment interest will be applied based on the negative
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Russia updates the list of foreign states for automatic exchange of CbC reports
Recently, the Federal Tax Service of Russia published (Order No. ED-7-17/1226) a new list of foreign states and territories, with which Russia will automatically exchange Country-by-Country (CbC) reports. Accordingly, the following states are
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Russia updates list of jurisdictions under AEOI-CRS
On 5 December 2022, the Russian Official gazette published Order No. ED-7-17/986 of 28 October 2022. The order provides an updated list of jurisdictions with which Russia will automatically exchange financial account information (AEOI) under the
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