11.08.2008 - The State Duma and the Council of Federation have approved the following changes to the Tax Code to become effective from 1 January 2009.

Corporate income taxation:

• Fixed assets depreciation:
  • new rules on accelerated depreciation will be applied to a depreciable group of assets rather than to each asset separately. Simultaneously, the monthly depreciation norms have been slightly increased, e.g. for the fourth group of assets the norm will increase from 3.3% to 3.8%;
  • the decreasing depreciation coefficient of 0.5 on high valued transport will be abolished;
  • depreciation of capital investments in assets used free of charge will be applied;
• business travelling per diems established by a company will be expensed in full;
• payments for employees? education will become deductible;
• limit of expenses on voluntary medical insurance will increase from 3% to 6%;

Other taxes and special regimes:

• Individual income and unified social tax will not be accrued on payments to employees compensating their costs on education;
• Material gain arising from low or zero interest loans received from employer will be calculated considering 2/3 of the Refinancing rate (currently 11%) instead of ? proportion currently applied;
• Tax on extraction of mineral resources related to oil will be charged starting from 15 USD for a barrel;
• Taxpayers under the Simplified Tax regime will report annually;
• Obligatory insurance of liability will become deductible as an expense under the Simplified Tax regime.