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The main changes include a 20-percent reduction in the profit tax rate for organisations, further liberalisation of depreciation procedures, a special procedure for tax payment deferrals and instalments, and giving the country’s regions the right to lower several different taxes. The amendments also concern the timeframes for carrying out tax inspections and the procedures for reporting their results.
Furthermore, the amendments introduce tax exemptions for the import to Russian territory of technical equipment in cases where no locally-produced equivalent exists.
The amendments also provide for other tax incentives and simplified payment procedures that will be applicable to the current 2008 tax year.
November 26, 2008