Russia's State Duma Approves Bill Amending Tax Administration; Considering Bill Amending CFC and Other Rules

On 18 July 2018, the Russian State Duma (lower house of parliament) adopted Bill No. 249505-7 on improving tax administration in the third and final reading. The Bill includes measures to:

• Abolish transfer pricing control (audit) for domestic transactions and apply the thresholds that currently apply for domestic controlled transactions to cross-border transactions;
• Simplify VAT refund procedures and improve VAT audit procedures;
• Abolish the tax on movable property reported as fixed assets…