The Russian government “has determined the future of digital currencies in Russia,” an announcement published late Tuesday stated. The authorities have elaborated a plan to integrate the circulation of cryptocurrencies into Russia’s financial system and to establish control over crypto-related flows in the banking system. Contrasting with the central bank’s recent proposal to impose a ban on crypto trading, investment …
Russian electric car drivers will be able to access toll roads at no cost starting from 2022 in a new trial experiment, the RBC news website reported Monday, citing a recently published draft government plan. The initiative, part of the new Development Concept for the Production and Use of Electric Automobile Transport signed by Prime Minister Mikhail Mishustin on …
Russia to grant toll-free status to electric cars from 2022 Read More
A draft law has been submitted to the Russian State Duma that will oblige foreign IT companies to open full-fledged representative offices in Russia. Hosting providers, advertising systems operators, and “online information distributors” are concerned as well. Should such a law be adopted, foreign companies with a daily traffic of 500,000 users from Russia or more will …
Russia considers mandating foreign IT companies to open local representative offices Read More
The Russian government plans to create a “digital residency” system for foreign IT companies. According to this initiative, Russia will adopt legislation by the end of 2021 that will oblige foreign companies with a client base of more than 100,000–500,000 Russian users to register legal entities in the country and pay taxes. Foreign nationals will …
Russia plans to require foreign IT companies to open local offices and pay taxes Read More
Following amendments to the Russian tax code which were adopted in July 2020, Russian software developers may, starting from Jan. 1, benefit from significant tax cuts. The new tax regime provides: Reduced rates on the taxes on profit: from 20% to 3% for federal taxes and to 0% for regional taxes; A reduced rate on social security …
President Vladimir Putin’s plans for digital businesses to help power Russia’s economic recovery from the coronavirus pandemic by giving Russia one of the lowest tax rates in the world for IT companies might not be what they seem, analysts told The Moscow Times. In an address to the nation in June, Putin hailed the Russian IT sector’s …
Russia’s ‘IT tax maneuver’ could bring cash to the budget, not to IT companies Read More
In a televised address to the nation Tuesday, Putin also announced big tax cuts for the IT sector, apparently a bid to “turn Russia into India” by using tax incentives to attract and retain tech entrepreneurs. Putin claimed that, even in the midst of a pandemic, it was clear how the Russian IT sector has …
At present, cryptocurrencies don’t have any legal status and are not regulated in Russia. Yet a company called Artel has managed to officially add bitcoin to its authorized equity capital. Not without giving the entity a hard time, the country’s Federal Tax Service eventually agreed to register the change in its status. According to experts …
Russian tax authority registers crypto as part of a company’s capital Read More
The Russian government is stepping-up its plans to introduce new taxes on tech giants like Facebook, Apple and Google. The government’s draft budget plan, published last week by the Finance Ministry, highlights “significant shortcomings in the principles of how digital companies are taxed [which] lead to the fact that the effective rate of tax paid …
Following criticisms by representatives of foreign businesses working in Russia, Russia’s Federal Tax Service (FTS) has prepared a draft letter in favor of restoring the old rules governing the payment of the so-called “Google tax” (VAT on e-services) by foreign e-service providers. As reported by the business daily Vedomosti, the new rules came into effect on …
Foreign companies re-allowed to pay ‘Google tax’ under old rules Read More
Since this past July, Russian retailers have been required to use internet-connected registers which transmit sales data to the authorities to improve tax collection. But retailers were left counting the cost of a holiday-season glitch that may have caused billions of rubles in lost sales after the failure of some of these registers. “A retail nightmare came …
Russia suffers holiday retail nightmare as cash registers crash Read More
Russia’s telecom regulator Roskomnadzor blocked internet giant Google for several hours on Thursday in a bid to enforce a tax ruling made in 2016. Google.ru appeared on Russia’s register of banned sites for approximately three hours on Thursday afternoon, with a number of internet providers restricting users’ access. The site was blocked as part of …
