President Vladimir Putin of Russia has signed amendments to the law "On valuation activity" which simplify the procedure for challenging the cadastral value of land and other property. The Russian Ministry of Finance plans to calculate property tax depending on the cadastral (market) value of real estate starting next year, rather than based on the inventory valuation (which is the current practice).
The Russian President has signed a number of tax laws:
No. 225-FZ dated 21 July 2014, which concerns improving mechanisms for assessing and challenging the cadastral value of real estate items being. The time period between state assessments is has been limited to three years but it is now compulsory for companies to submit a pre-trial appeal to a commission under the Federal Registration Service ("Rosreestr"). The duration has been settled for decisions regarding reassessment of the value. The law will come into force on 1 April 2015.
Russian President Vladimir Putin has signed Federal Law No. 81-FZ dated 20 April 2014 "On amending the Second Part of the Tax Code of the Russian Federation", which is aimed at simplifying tax accounting and harmonising the rules for calculating the profit tax base and the rules for establishing financial results in accounting.
Russia is currently marked out by being active in making substantial changes to its legislation. Many of these have to do with growing integration in international economic, financial, scientific and legal processes. However, the new developments go beyond those directly required for joining international conventions or organisations, and are also due to various institutions filtering their way into the country’s social and political structures.
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