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Certain transactions in intangible assets may require Government Commission clearance
Draft amendments to clause 1 of Presidential Decree No. 81 of 1 March 2022 have been published. The amendments suggest supplementing the decree with a new category of transactions requiring clearance from the Government Commission for Control over Foreign Investment in the Russian Federation, including transactions involving the alienation or pledge of exclusive rights over intellectual property or means of individualisation. Read further in our legal update.
Direct ban imposed on setoff of obligations owed to creditors and company shareholders from “unfriendly” states
Double taxation treaties with unfriendly jurisdictions
On 15 March 2023 the Russian Ministry of Finance and the Ministry of Foreign Affairs published a proposal to suspend double taxation treaties with all countries that have imposed unilateral economic restrictive measures against Russia.
Double taxation treaties with unfriendly jurisdictions (update)
The proposal made earlier by the Russian Ministry of Finance and the Ministry of Foreign Affairs to suspend double taxation treaties with unfriendly countries has received its new impetus to the development.
Investing in Uzbekistan
Our team authored a guide on investing in Uzbekistan which includes guidance with regard to corporate, finance, tax and real estate matters. Follow this link to access your copy.
New income taxation procedure for purchasing work or services from interdependent foreign entities
On 27 November 2023, the President of the Russian Federation signed Federal Law No. 539-FZ intoroducing significant changes to the Russian Tax Code, including amendments providing that, with effect from 1 January 2024, the remuneration for the work or services performed by interdependent foreign entities to Russian taxpayers shall be subject to the Russian withholding tax at a rate of 15%. Read further in our legal update.