Overview of tax events for January 2024
The Russian Ministry of Foreign Affairs has advised that the Convention between Russia and Denmark for the avoidance of double taxation and the Treaty between Russia and Latvia for the avoidance of double taxation are being terminated.
The Russian Ministry of Finance has proposed that a special list of 40 offshore zones be approved to include, among others, the UAE, Bahrain, Monaco, Liechtenstein, Macau SAR, China, and Seychelles (see draft order).
The Russian Ministry of Finance has proposed that Saudi Arabia and Qatar enter into negotiations to revise their double taxation treaties with Russia.
Tax authorities have started to treat as illegal foreign currency transactions under which owners of foreign property receive rental payments to their foreign accounts. Tax authorities will impose a fine of 30% of the total amount of transactions.
A pilot scheme for labelling foreign alcoholic beverages has been extended by two years until 31 May 2026.