May 24, the State Duma of Russia adopted in the third (final) reading a bill clarifying the 'foreign investor' term in the Law on Foreign Investments. According to the adopted amendments, citizens of the Russian Federation who simultaneously have citizenship of another country, as well as legal entities of other states controlled by Russian citizens or legal entities, are excluded from the 'foreign investor' category.
The said amendments should, as expected, exclude the receipt by Russian legal entities and citizens of the unreasonable advantages provided for foreign investors - benefits in terms of payment of customs duties, the use of reduced tax rates for certain types of income, or the complete exemption of such income from taxation.
Source: apk-inform.com.
