Effective January 1st, the tax on Russian securities offerings has been reduced from 0.8% to 0.2% of an offering’s value, after President Vladimir Putin signed a new bill into law last Monday.
The new legislation also places a 100,000 ruble cap ($3,400) on the amount of tax payable on a securities issue.
The bill was approved by the Federation Council on December 10, and by the Duma in three readings on November 28.
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