Legislation (Law No. 401-FZ) amending Russia's Tax Code was published in the Official Gazette on 30 November 2016. One of the main amendments is a change in the treatment of carried forward losses.
Currently, losses may be carried forward for up to 10 years with no limit on the amount of taxable income that can be offset in a particular year. With the amendments, losses may be carried forward indefinitely but may only offset up to 50% of the taxpayer’s taxable income per year.
The changes…