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Law on tax benefits for tourism and IT companies

March 26, 2022

The President signed the Federal Law On Amendments to Parts 1 and 2 of the Tax Code of the Russian Federation and Article 2 of Federal Law On Amendments to Part 2 of the Tax Code of the Russian Federation.

The Federal Law establishes a zero percent added-value tax rate for offering services on renting or otherwise using tourism industry facilities that opened (including after renovation) after January 1, 2022, as well as services on providing accommodation for temporary residence in hotels and other accommodation facilities.

In addition, the Federal Law exempts from taxation the incomes of physical persons from properties gained by the taxpayer in 2022 (except money) or property rights from a foreign organisation (a foreign structure not registered as a legal entity) where the taxpayer is a controlling person or founder as of December 31, 2021; income as financial benefits gained in 2021–2023, and also income as interest on deposits (bank balance) in banks located on the territory of the Russian Federation.

Under the Federal Law, the list of incomes exempt from determining the tax base for corporate income tax is appended with incomes from loan liabilities terminated in 2022 if the loan agreement was signed before March 1, 2022, with a foreign organisation that makes the decision on debt cancellation, or under a claim yielded to such an organisation before March 1, 2022.

In accordance with the Federal Law, a zero percent income rate on corporate tax to be paid to the federal budget is established for the 2022–2024 tax periods for Russian companies operating in the information technology area.

March 26, 2022