OrbitaxLaw No. 58-FZ of 6 June 2005 amending the corporate income tax section of the Tax Code was published in the Official Gazette of 14 June 2005. From 2007, a full offset of previous losses against profits will be introduced (currently, a 30% per year limitation applies and a 50% limitation is established for 2006);
|Approved Changes|Russia
Furthermore, the law, provides for amendments of the thin capitalization rules, which will apply as from 1 January 2006. The amendments to the thin capitalization rules include the following:
| - | to calculate the amount of deductible interest, interbank rate (as established by the Central Bank) effective at the time when the loan was given should be used in respect of loans with a fixed interest rate. With respect to loans which do not… |