Draft legislation amending Russia's Tax Code was passed by the State Duma (lower house of parliament) on 18 November 2016 and is now before the Federation Council (upper house). 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 t…