Russia recently adopted two federal laws amending the Russian Federation Tax Code in regard to VAT. The key amendments made by Federal Laws no. 366-FZ and no. 382-FZ are summarized as follows:
366-FZ
- The sales of assets and property rights of debtors declared insolvent or bankrupt will no longer be subject to VAT
- The requirement to restore VAT previously recovered on goods, works and services acquired for use in making standard-rated supplies but then used for making zero-rated supplies i…