Changes in Profit Taxes and Advance Payments

Changes concerning tax agents for profit tax have been introduced to Paragraph 2 of the Article 287 of the Tax Code (TC). Thus, starting in 2011, tax agents must now transfer any funds withheld for taxes no later then following day after receiving the funds.

In certain cases, as listed by Article 309 of the TC, some funds (such as dividends paid to a foreign organization-shareholder in a Russian organization, profits received from use of intellectual property rights in Russian Federation, etc) the tax payment period will be increased to two days.