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Tax update 2016
Key changes and trends
In this review, we highlight the most significant changes to Russian tax legislation that entered into force on 1 January 2016 – both those stipulated under recently adopted laws and those introduced before 2015, but coming into effect in 2016. We also take a look at developments in OECD taxation polices and initiatives undertaken by Russian lawmakers to bring local legislation more in line with global standards.
In today’s unstable global economy, tax policy has become one of the key instruments for regulating economic processes and creating a favorable environment for investment and business development. Russia is currently improving its tax legislation in line with global taxation trends, making changes aimed at improving the country’s investment climate.
The adjustments in Russia’s tax code are being made with an eye toward balancing the interests of the state with those of taxpayers. Since the tax burden on businesses engaged in priority sectors has been reduced, the tax burden on super incomes of businesses and individuals has gone up. Additionally, while extending benefits aiming atimproving the attractiveness of Russia as an investment destination, the government has simultaneously expanded the range of information subject to disclosure to the tax authorities, with the goal of preventing profit shifting and tax evasion. While some of the changes to Russian tax law will be introduced only in upcoming years, others will come into effect already in 2016.