Key tax developments in 2023

2023 will be remembered for large-scale changes in the tax sector.

State tax policy was geared towards identifying additional tax sources for the budget system, and an unprecedented decision was taken to introduce a one-off tax on excess profits starting from 2024.

A number of measures were implemented to ensure tax support for domestic business in the context of an unstable business climate in Russia and globally. Conditions were created to simplify the redomiciliation of foreign companies to Russian special administrative regions.

The growing international tension could not but have an impact on the tax sphere, resulting in the expansion of the List of offshore states and territories, as well as the suspension of key provisions of a number of international double taxation treaties.

Tax controls over prices is becoming an ever more important tool to prevent capital flight. The Russian Tax Code has seen the most serious TP amendments since the introduction of section V.1 of the code in 2012.

We have tried to make our overview as comprehensive, exhaustive, and useful as possible so that you can learn more about the above as well as other changes to the tax system.