It was announced on Thursday that Russian President Dmitry Medvedev had signed into law provisions designed to improve the tax situation of small businesses in Russia, boost social welfare, and reduce the tax burden on the oil sector, amongst other measures.
The law, which was reportedly adopted by the Duma on 4th July, and approved by the Federation Council a week later, principally amends Chapters 21 and 23-26 of Part 2 of the Russian Tax Code, but will also have an impact on several other areas of tax law.
The legislative changes have extended the simplified tax regime to SMEs in a greater number of industries, improved the deduction system, exempted payments made by firms to their employees for mortgage loan or educational expenses from income and social tax, and implemented zero rates of oil production tax for firms operating in difficult to reach oil reserves.
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