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Russia - TAXES ACCOUNTING |
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Corporate tax
Tax rate for resident companies |
Corporate income tax rate varies between 20% and 24%: 7.5% of it is paid to the federal government, between 10.5% and 14.5% is paid to republican authorities and 2% to local authorities.
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Taxe rate on long-term capital gains |
Capital gains are taxed with the same rate as the corporate tax.
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System governing groups of companies and dividends paid by subsidiaries to their parent companies |
In Russia, a 15% witholding rate applies if either the recipient or the payer of the dividends is a foreign legal entity.
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Tax rate on branches |
Branches are imposed on the corporate tax at a rate between 20% and 24%.
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Income tax
Fiscal year |
The fiscal year begins on January 1st and ends on December 31st of the same year.
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Income tax rate |
Personal income tax rate is 13% but special rates are applied to some kinds of income, e.g. prizes, insurance proceeds, interest on certain bank deposits. Incomes of non-residents are taxed at 30%.
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VAT rates
Standard rates |
18% since Januray, 1st of 2004
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Reduced rates |
The reduced rates From VAT in Russia vary between 0% (some imported medecines and equipment) to 10% (some supplies of basic foodstuffs and chidren's clothing).
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Other important taxes
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Name of tax |
Rate |
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Tax on deals safety
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0,8% of the amount of the deal
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Land taxes
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2%
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Donations and successions
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Successions: 5% to 30%
Donations: 3% to 40%
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Accounting
Introduction
Russian accounting rules are determined by the Ministry of Finance.
General accounting principles
The balance sheet is presented into accounts with liabilities composed of constant capital and debts, because there is a distinction between long and short-term debts.
The profit and loss account gives priority to the repository of the global production and leave the choice of the costs classification either by nature or by function.
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Obligations and publications
Companies have to publish a balance sheet, a profit and loss account and annexes.
Certification and auditing
The external control of accounts must be confided to a body of experts (auditors) chosen by the company.
Professionals and representative organizations
Accountants associations have some difficulties to get organized, because of the importance of the State in the accounting system.
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Last modified in
January 2003
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