The Government of Russia presented to the State Duma a draft of the federal budget for 2021–2023 including the main directions of tax, budgetary and customs policy. Many of the government's initiatives to improve the taxation system aim to increase the budget system revenues and include adjustment of the mineral extraction tax, increase in excise rates, moderate increase in taxes on high incomes of individuals and increase in taxation of outbound payments from Russia. Introduction of new taxes is not scheduled for the said period. However, some of the announced initiatives may change the established practices and approaches to levying current taxes that have existed for a long time (i.e. change to VAT in the country of the client for any kind of services). In particular, the document provides for expanding the possibilities for tax authorities to obtain information from credit institutions necessary for tax control and improving information exchange with foreign states.
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NAZALI TAX & LEGAL |