The State Duma has approved the first reading of amendments to the income tax law. It is proposed to introduce a new 35% rate of tax, applicable to taxable income in excess of Rbls 48 million (approximately US $10,500). The existing rates of 12%, 20% and 30% will continue to apply, but within modified bands. It is expected that the Law incorporating these amendments will be adopted soon and effective in respect of income received after 1 January 1996.
VAT / Application of Reduced Rate
The amended list of foodstuffs liable to a reduced 10% rate of VAT has been adopted by the Government with effect from 18 November 1995. The new list includes several items which were previously liable to a standard 20% VAT rate. It also defines in greater detail the meat and fish delicatessen products to which the reduced rate will not apply.
(Resolution of the Government of RF N 1120 dated 13 November 1995)
Customs Duties / Temporary Importation Regime
The Customs Committee has established a new procedure for extending the terms of the temporary importation or exportation regimes. The decision to extend either regime beyond the standard term of two years in a particular case will now be taken by the Committee only upon presentation of specified documents.
(Regulation of the State Customs Committee N 01-12/1296 of 25 October 1995)
Legal developments are reported in Tax News Reporter on official publication. This may be long after the law is issued.
This publication is intended for general guidance only and should not form the basis of specific decisions.
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The New Turkish Commercial Code ("New Code") has been enacted and will enter into force in July 2012. One of the major changes brought by the New Code regards mandatory independent audits of corporations.
The law about payment of dividends has remained substantially unchanged for thirty years.
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