Overview of tax events for August 2023

Regulatory developments

The Russian President has signed a law (No. 427-FZ) regarding the one-off 10% tax on the excess profit of big business.

The owners of some foreign companies are willing to pay a levy in the amount of 15% as compared with the existing minimum 10% when they sell assets in Russia, the Russian Minister of Finance Anton Siluanov has reported (see the interview).

For information:

As it stood before 10 August, inflows into the federal budget from transactions that involve the sale of Russian businesses by companies from hostile states amounted to RUB 54 billion.

Russia has suspended double taxation treaties with 38 countries (the Russian President’s Decree No. 585 dated 8 August 2023). Russia will not restore taxation relationships with the hostile states unless they restore its rights.

Russia has approved the conditions of a new taxation treaty with Malaysia. The old treaty has been in effect since as far back as Soviet times.

Translated by the Translation Department of Pepeliaev Group