Russia Gazettes Law Amending Tax Code to Provide Various Tax Measures

The Russian Official Gazette Oct. 29 published Law No. 362-FZ, amending part two of the tax code to provide various tax measures. The law includes measures: 1) implementing an experiment for a special “Automated Simplified Taxation System” starting Jan. 1, 2025, for taxpayers with income below 60 million Russian rubles (US$619,117); 2) permitting deductions for income from multiple tax regimes, detailing tax deductions for gains from financial instruments, and clarifying federal investment tax deductions; 3) exempting specified sales and income from interest savings on housing loans; 4) imposing a 10 percent VAT on breeding product sales and allowing VAT deductions ...