Russia Adopts Amended Tax Code
The Russian Government has recently amended Part I and Part II of the Tax Code
By: Nair & Co.
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 transport tax.
§ 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.
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