On 29 June 2012, Federal Law No. 97-FZ was adopted amending the Tax Code.

The most important changes are listed below:

• Financial statements should be submitted to the tax authorities within the first three months following the financial year. This amendment enters into force as of 1 January 2013.
• The decision of the tax authorities on the suspension (or cancellation of the suspension) of the transactions made by a taxpayer through a bank account should now be sent to the bank only in electronic format. This amendment entered into force as of 1 August 2012.
• Russian companies (or foreign companies having a permanent establishment in Russia) will not have to withhold and remit to the budget the tax on interest income paid to foreign companies if the interest relates to:
  • State and municipal securities.
  • Listed bonds issued under the foreign legislation. Bonds are treated as listed if they were admitted to any foreign stock exchange and/or they are registered by foreign depositaries and clearing organizations included in the list adopted by the Russian securities authority.
  • Debt from foreign listed bonds. The foreign companies receiving interest should be resident in a country which is party to a tax treaty with Russia and have made available the certificate of residence to the Russian payer of interest. Payments made by Russian companies to foreign companies under guarantees or other security arrangements are also covered. The amendment applies to debt payments arising as of 1 January 2007 and to bonds issued prior to 1 January 2014.

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