Tax law and tax disputes
Alerts
Pepeliaev Group advises that the Moscow City Commercial Court has adopted resolutions on cases that involve invalidating well-grounded opinions.
The Russian Supreme Court has solved the issue of a royalty coefficient when mineral extraction tax is assessed on concentrates which contain gold and other precious metals.The Court’s decision allows for excessive tax payments to be avoided and is relevant for all payers of mineral extraction tax.
The earlier published Cabinet Decision No. 55 of 2023 and Ministerial Decision No. 139 of 2023 concerning the Corporate Tax regime for Free Zone Persons have been repealed and replaced
The amendments will come into effect on 1 January 2024.
The Federal Tax Service has approved an application form (form р19001) for the “simplified liquidation” of some small or medium entrepreneurs.
Article (20)(5)(a) of the Corporate Tax Law authorizes the MoF to ‘prescribe … the circumstances and conditions under which a Person may prepare financial statements using the cash basis of accounting’. On May 9, 2023 the MoF exercised this authority in Decision No. 114 allowing to ‘prepare Financial Statements using the Cash Basis of Accounting, in any of the following instances: 1. Where the Person derives Revenue that does not exceed AED 3,000,000. 2. In exceptional circumstances and pursuant to an application submitted by the Person to the Authority’. What else do we know about this cash method?
A distribution company (‘Distribution Co’) is incorporated in a free zone in the UAE. This zone is not included in the list of the designated zones. However, Distribution Co buys products and orders services from third parties to transport and store them in a UAE designated zone, and then distributes to the UAE mainland or abroad arranging delivery to the buyers (customers). Does this activity qualify for 0% Corporate Income Tax (CIT)?