We herewith briefly summarise the status of proposed amendments to the tax laws of which we are aware. The President vetoed amendments to the law on tax on the purchase of foreign currency and amendments introducing excise for oil transportation. Other amendments to the excise law were not passed by the Federation Council, but are expected to be accepted subject to negotiation within the Parliament. Other laws that are expected to be signed by the President in the near future include the law on the Fundamentals of the tax system, on retail sales tax, on water tax, on payment for the right to use animal and water resources and on payment for licences and permissions for production and sales of alcoholic products.
With regard to the amendment to the law on the Fundamentals of the Tax System, the following major changes are expected to be introduced:
Taxes will be considered to be paid when the payment order is given to the bank.
Penalties for underpaid profits tax will imposed in the amount of tax, not profits.
The rate of penalty for delay in payment of taxes will be 1/300 of the Central Bank of Russia refinancing rate.Penalties and interest will be introduced for non-withholding by tax agents.
The period of tax deferral which could be allowed by the authorities will be limited to six months.
The law on the Fundamentals of the Tax System would also abolish many local taxes including: housing, education, militia support, car resale and others.
This information is based on our most recent understanding of the proposed legislation. However, the legislation eventually passed (or abandoned) may differ significantly from the summary given above.
The changes to the law on the Fundamentals of the Tax System do not affect the proposed adoption of the new tax code. There are currently a number of competing drafts of the tax code (including an amended version by the Government) and it is not clear when the tax code will be adopted and which of the provisions currently being discussed will be included in the version adopted.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Alla Shaulina on tel: +7 503 232 5511 fax: +7 503 232 5522 or e-mail directly: Alla_Shaulina@ru.coopers.com
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