Draft amendments to the RF Tax Code: pricing agreements and other transfer pricing changes

On 17 November 2020, the State Duma (hereinafter the "State Duma") considered and passed in its first reading Draft Law No. 1025680-7 On Amendments to Part One of the RF Tax Code in Terms of Improving the Tax Control over Prices and the Procedure for Concluding an Advanced Pricing Agreement (hereinafter the "Draft Law").  At the moment, the Budget and Tax Committee of the RF State Duma has a 30-day deadline to adopt amendments to the current version of the Draft Law (by 16.12.2020).

The KPMG Alert attached contains the key amendments proposed by the Draft Law as well as proposed amendments to its current version.

The KPMG team will be pleased to answer any questions you may have about this Draft Law in more detail, assist you in obtaining an APA, or help with any other issues related to the application of transfer pricing laws. Detailed information about our services, including assistance in entering into pricing agreements with the tax authorities, are available on the KPMG website.