Russia Adopts VAT Changes for 2015

Russia recently adopted two federal laws amending the Russian Federation Tax Code in regard to VAT. The key amendments made by Federal Laws no. 366-FZ and no. 382-FZ are summarized as follows:

366-FZ

• The sales of assets and property rights of debtors declared insolvent or bankrupt will no longer be subject to VAT
• The requirement to restore VAT previously recovered on goods, works and services acquired for use in making standard-rated supplies but then used for making zero-rated supplies i…