The law adopted to fine-tune the Russian tax system was followed by another one introducing massive changes to the tax legislation.
Principal amendments include:
Let’s take a closer look in our new LT in Focus.
Principal amendments include:
- lower entry thresholds for tax monitoring: RUB 80 mln of total taxes paid in the preceding year (previously RUB 100 mln) and RUB 800 mln each of total generated income and total value of assets (down from RUB 1 bn);
- a possibility of engaging regional tax officers in TP audits (at the discretion of the head/deputy head of the Federal Tax Service);
- excluding foreign persons from groups eligible for IT benefits (this will have a major impact for identifying proprietary software/databases and calculating the share of qualifying income);
- extending the duration of the temporary rules for recognizing foreign exchange differences;
- continued freezing of the liability for failure to confirm a CFC's profits.
Let’s take a closer look in our new LT in Focus.