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The Russian President has signed the following laws: easing sanctions for breaching foreign currency legislation; on implementing a tax manoeuvre in IT industry: starting from 2021, corporate profit tax will be reduced from 20% to 3%, while the rate of insurance contributions will be cut from 14% to 7.6%; on establishing a preferential regime in the Arctic for companies that intend to implement new projects there.

The Russian Government has included in the submitted Recovery Plan for the Russian Economy measures to make currency legislation more liberal. In particular, it is planned to give up total control over foreign trade transactions and not to impose fines for the non-repatriation of proceeds in foreign currency next year.

A law has been passed on a unified register of information about the population of Russia. The Russian Federal Tax Service will be the register’s operator.

The Russian President has signed the law on protecting and encouraging investments for which investors have been waiting for two years.

Russia has ratified a protocol of the annual automatic exchange of financial information between the CIS countries.

Starting from 1 January 2020, it has become possible to adjust tax obligations for transactions with foreign persons further to a mutual agreement procedure.