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The List of Advertising Expenses That Cannot Be Deducted for Profits Tax Purposes Has Been Updated

05 December 2024

On 29 November 2024, Federal Law No. 416-FZ “On Amendments to Part Two of the Tax Code of the Russian Federation and Certain Legislative Acts of the Russian Federation” (hereinafter referred to as the “Law”) was officially published. The Law amends the Article 270 of the Tax Code of the Russian Federation (hereinafter referred to as the “Tax Code”) which determines the list of expenses that cannot be deducted for profits tax purposes.

Russia Ratified the Agreement on the Elimination of Double Taxation with Oman

28 December 2023

On 12 December 2023, the President of the Russian Federation signed Federal Law № 571-FZ to ratify the Agreement between the Government of the Russian Federation and the Government of the Sultanate of Oman on the Elimination of Double Taxation in respect of Taxes on Income and Prevention of Avoidance and Evasion of Taxation and the Protocol thereto (hereinafter - the “Agreement”).

Subject to ratification of the Agreement by Oman and mutual notification of the parties of the ratification procedures by the end of 2023, the Agreement will enter into force as early as 1 January 2024.