Russia Adopts Amended Tax Code
(Bristol, UK) - The Russian Government has recently amended Part I and Part II of the Tax Code. This new
Federal law No. 306.FZ was enforced starting 2 April 2014. These tax code amendments are aimed
towards improving the tax administration system, reports Nair & Co. which provides international tax
consulting for companies expanding overseas.
Amendments related to imputed income tax limits will be effective 1 July 2014 and those related to the
simplified taxation system will be effective 1 January 2015.
Significant amendments are as follows:
Taxpayers, companies and entrepreneurs to are no longer required to notify tax authorities of
certain bank account activities (specifically the opening and closing of accounts); this notification
will be managed by the bank.
Where individuals do not receive tax notifications concerning property or transport tax from the
tax authorities, they would be required to inform tax authorities of the ownership of immovable
property and/or vehicles. These properties/assets may be subject to property and transport tax.
Failure to notify the authorities may result in penalties of up to 20% of the unpaid property or
Where taxpayers make use of the simplified and presumptive tax regimes, they must note that
they are subject to property tax in respect of the immovable property where tax base is
determined considering the cadastral value.
Nair & Co. advises businesses operating in Russia to become familiar with the above tax amendments in
order to avoid non-compliance.
For more information about doing business overseas or to learn more about our International
Expansion Services team please contact us.
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About Nair & Co.
Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax
and compliance services for the set up and management of your international operations. Our model of
a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand
business and manage risk so they can focus on their core business and sustain growth with minimal risk,
stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in
Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more
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