Russia’s Federation Council, the upper house of parliament, has approved a law requiring foreign companies to pay value added tax (VAT) of 18 percent on online content, the Interfax news agency reported Wednesday.
The bill, nicknamed the “Google tax law”, will also require companies who distribute or sell online applications, games, music, or other content to register private offices in Russia and submit information on their sales in the country.
The Finance Ministry predicts that the new law will bring in no less than ten billion rubles ($156 million) when it comes into force in January 2017.
Russian parliament approves ‘Google Tax’ for foreign app storesRead More
