Russian Parliament passed the law with the amendments to the Russian Tax Code specifying that any alienation of assets of bankrupts, including the sale of goods, works and services by the debtor that has been recognized insolvent shall be exempt from VAT. This remedies to existing legal uncertainty concerning VAT taxation of transactions performed by the debtor in the bankruptcy proceedings. The law should come into force from January 01, 2021.
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NAZALI TAX & LEGAL |