Gazprom could have to put on ice its plans to develop more Arctic fields in light of a proposal that the Cabinet backed earlier this week to raise taxes on the industry. Gazprom could have to put on ice its plans to develop more Arctic fields in light of a proposal that the Cabinet backed earlier this week to raise taxes on the industry. The higher gas production tax will reduce Gazprom's...

The Finance Ministry’s latest proposals on luxury taxes put the rate for real estate at 0.05 percent to 0.3 percent, while owners of cars with engines of 410 horsepower or more will also be paying more — a rate that will affect less than 2 percent of all cars in the country. Correction appended The...

On Dec. 30, 2011, the Finance Ministry issued letter No. 03-08-13/1, changing the authorities' view of what constitutes a beneficial owner as well as how eurobond interest is taxed. Ivan Zelenin Junior Associate Pepeliaev Group On Dec. 30, 2011, the Finance Ministry issued letter No. 03-08-13/1, changing the authorities' view of what constitutes a beneficial owner as well as how eurobond interest is taxed.  Eurobonds...

... to his Cabinet on Wednesday at its final session. Prime Minister Vladimir Putin said his stint in the job sometimes felt like getting an education, as he bid farewell to his Cabinet on Wednesday at its final session. Before approving higher taxes on the gas industry, Putin in a speech thanked the ministers for helping the country to withstand the battering of the global economic crisis. His inauguration for a third presidential term just days away, he conceded that his previous experience...

The Finance Ministry is in favor of renewing zero profit tax for farmers, but this should be for the regions to decide, acting Finance Minister Anton Siluanov said at a meeting chaired by Prime Minister Dmitry Medvedev, Interfax reported Wednesday. "Farmers also need tax support in connection with WTO...

Gazprom earned nearly $45 billion last year, up 35 percent and beating market expectations thanks to rising production and prices — figures that show why it has become such a tempting tax target. Gazprom earned nearly $45 billion last year, up 35 percent and beating market expectations thanks to rising production and prices — figures that show why it has become such a tempting tax target. Analysts say there could be tough times...

... government cannot ignore the fact that Russia's investment climate is far from ideal. In January-April 2012, $42 billion left Russia. Last year, net private capital outflows from Russia totaled $80.5 billion. Dzhangar Dzhalchinov Head of the Russian Tax Practice Salans The Russian government cannot ignore the fact that Russia's investment climate is far from ideal. In January-April 2012, $42 billion left Russia. Last year, net private capital outflows from Russia totaled $80.5 billion. Tax risks...

... comment by Daniel Klein on April 25. In response to "Cyprus, Not WTO, May Modernize Russia," a comment by Daniel Klein on April 25. Editor, To borrow a phrase from U.S. writer Mark Twain, the report of the death of the so-called Cypriot tax haven is greatly exaggerated. Daniel Klein predicts in his comment that the recently agreed amendments to the double tax agreement between Russia and Cyprus will bring about the end of the special relationship between Russia and Cyprus, particularly...

... and misrepresent the new protocol amending the Cyprus-Russia double taxation treaty, which has been ratified by the State Duma on February 2012. Cyprus cannot be referred to as an "offshore destination" since it has abolished its offshore tax regime 10 years ago in 2002. As a member of the European Union since 2004, Cyprus has an effective and transparent tax system that is in line with all the EU directives as well as compliant with the Organization for Economic Cooperation and Development...

Smoking in Russia will soon be more expensive, as analysts say current tax plans will cause the price of cigarettes to jump five times higher by 2018. Smoking in Russia will soon be more expensive, as analysts say current tax plans will cause the price of cigarettes to jump five times higher by 2018. The average price...

This year marks a cornerstone for both tax and customs legislation in Russia: Both the long-awaited new transfer-pricing rules came into effect, and WTO accession was finally made a reality. With the introduction of these new frameworks, taxpayers will be subject to an increased tax compliance...

Prime Minister Vladimir Putin on Thursday said the government would introduce measures, including tax relief, for unconventional oil output in the world's largest crude-producing country. Russia is trying to offset output decline at its depleted western Siberian oil fields by making forays into new riches in eastern Siberia and the Arctic. The decision...

... its crucial Russian beer market Wednesday, after the first quarter of the year saw a rise in its market share, sending its shares up more than 3 percent. Carlsberg failed to meet first-quarter profit forecasts after the Russian market was hit by beer tax hikes but reiterated that it expected the market to return to modest growth this year after a 3 percent decline in 2011 as consumers who stocked up ahead of the tax rises get buying again. The brewer's Russian market share by volume rose to 37 percent...

On March 15, 2012, the Presidium of the Russian Supreme Arbitration Court (SAC) heard the Aelita Software Corporation case, in which the corporation, having won a case against the tax authorities, sought to recover 2.89 million rubles from those authorities in legal costs for its representatives' fees. Sergey Pepeliaev, Ph.D. in Law Managing Partner Pepeliaev Group On March 15, 2012, the Presidium of the Russian Supreme Arbitration...

... designated as an administrative offense punishable by a fine rather than the more severe criminal offense that they face. "It must be obvious to any expert that there is no evidence of a crime in their actions," he said. Meanwhile, Moscow district tax officials have frozen the bank accounts of the law firm that employs Violetta Volkova, a lawyer for a third detained band member, Yekaterina Samutsevich, Volkova told The Moscow Times. Volkova stopped short of saying the authorities were exerting...

The Investigative Committee is conducting a search at the Moscow office of consumer electronics and household appliances retailer Eldorado as part of an inquiry into claims of large-scale tax evasion, Interfax reported Tuesday, citing committee spokesman Vladimir Markin. The committee's St. Petersburg branch has accused the Telebalt company, which delivered products to Eldorado, of failing to pay more than 537 million rubles ($17.8 million)...

... As a result, M&A deals are commonly structured by foreign investors in order to use a non-Russian company as the main corporate vehicle with respect to which its shareholders will enter into a shareholders agreement governed by non-Russian law. For tax reasons, the most common jurisdictions for the incorporation of such a non-Russian corporate vehicle are the Netherlands and Cyprus. The concept of shareholders agreements is expected to be further developed in the new Russian Civil Code. Various...

... low economic productivity. These constraints are mitigated by "moderate debt; prudent debt management, resulting in a favorable debt profile; and relatively diverse economy," the agency said. "Novosibirsk's post-crisis revenue recovery [tax and operating grants] coupled with reasonable cost containment should allow it to report a moderate budgetary performance in 2012-14. This is despite some relaxation of spending triggered by a pre-election hike in public salaries and other operating...

... be cured and should not be "treated like animals" as they indulge in their habit. Yevgeny Bryun, the chief narcologist at the Heath and Social Development Ministry, told reporters that smokers "pay for their sin" through tobacco taxes, so the government has an obligation to provide "civilized, humane conditions" where smokers can "fulfill their painful needs." Designated smoking areas should be reasonably comfortable with good ventilation, but many do not...

... retained its leading position since then with a total revenue of 0.8 billion rubles, more than twice that of other market players. The last survey determined that the most popular type of business process outsourcing services in Russia is financial and tax accounting outsourcing. Under this arrangement, the provider is responsible for all bookkeeping and tax accounting. Another favorite outsourced activity is payroll. Also, most survey participants mentioned that one-off projects for outsourcing are...