Update - Russian Tax Changes for 2025 Including Increased R&D Deductions, Simplified Taxation System Reforms. and New Tourist Tax

Russia published Federal Law No. 176-FZ in the Official Gazette on 12 July 2024. As previously reported, the law provides for the introduction of various tax reforms including an increase in the corporate tax rate to 25% and the introduction of new progressive individual income tax rates up to 22%, which apply from 2025. Other important changes include:

• The 0% tax rate for qualifying IT companies during the period 2022 to 2024 is changed to a 5% tax rate for the period 2025 to 2030;
• The inc…