SCHNEIDER GROUP News

On 4 August 2023, the President of the Russian Federation signed Federal Law No. 414-FZ "On Excess Profits Tax". Based on the Law, the legislator has the right to introduce the Windfall Tax as a one-time tax. Subject of the Windfall Tax are excess profits of businesses.

On 4 August, important amendments to the Federal Law No. 281-FZ "On Special Economic Measures and Coercive Measures" (hereinafter - the "Special Measures Law") were introduced. They will enter into force in February 2024.

On August 8, 2023, the President of the Russian Federation issued Decree No. 585 (“Decree”), which suspends the most important provisions of 38 Double Tax Treaties (“DTT Provisions”) with several unfriendly countries

The tax legislation of the Republic of Kazakhstan (RK) has been amended to include a number of changes affecting social contributions, VAT treatment of pharmaceuticals, mandatory state pension contributions and tax audit schedules.

The special regulation approved by the Ministry of Finance for transactions with offshore jurisdictions will have a number of implications in the area of compliance, notification procedures, relations with companies and preparation of justifications.