Russia Signs Off On Tax Support For Publishing Houses
Russian President Vladimir Putin has signed off a new law providing for tax support for publishing houses. The document was published on the official portal of legal information on Thursday October 15. The new law envisages an increase in the maximum allowable volume of such losses up to 30% of the circulation value, while previously no more than 10% was allowed.
Under the Russia’s Tax Code, losses publishers suffer in the form of the cost of defective, unmarketable and unsold book and media products written off by taxpayers, are regarded as so-called “other expenses” and reduce the tax base for income tax.
The new law envisages an increase in the maximum allowable volume of such losses up to 30% of the circulation value, while previously no more than 10% was allowed.
The document, initiated by the Russian government, was drawn up in accordance with the instructions of the President dated September 25, 2019. The law comes into force after one month from the date of its official publication, but not earlier than the first day of the next tax period for corporate income tax.
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