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The President signed the Federal Law On Amendments to Article 741 of Part 1 and to Part 2 of the Tax Code of the Russian Federation.
The amendments allow the State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) to grant bank guarantees the maximum sum of which (of one or all that are currently valid) shall be determined by the Government of the Russian Federation.
In addition, the Federal Law exempts Vnesheconombank’s transactions from value added tax.
December 29, 2017