A socially oriented non-financial development institution and a major organizer of international conventions, congress, exhibitions, business, social and sporting, public, and cultural events.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and business, public, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, and helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5000 people working in Russia and abroad. In addition, it works in close cooperation with 160 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 75 countries worldwide.

The Roscongress Foundation has Telegram channels in Russian (t.me/Roscongress), English (t.me/RoscongressDirect), and Spanish (t.me/RoscongressEsp). Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

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Analytical digest

Key tax changes in 2019. Tax amendments in 2018

In the publication, KPMG acknowledges that the year 2018 was fairly rich in terms of the number of innovations: an investment tax deduction for the profits tax was introduced; general provisions on special administrative regions — «Russian offshore zones» — came into force; the federal tax benefit for movable property was abolished.

Among other things, the authors comment on such changes as higher accessibility of the declarative procedure for a VAT refund, development of the «actual beneficiary of income» concept, clarification of the rules on controlled foreign corporations (CFC). Also, effective 1 January 2018, a new Customs Code of the Eurasian Economic Union (the EAEU Customs Code) came into force. The new EAEU Customs Code is innovative and significantly simplifies and expedites customs transactions.

The authors believe it is already clear today that we can expect no less and maybe even more far-reaching changes in 2019: a number of amendments to the Tax Code of the Russian Federation will come into force from 1 January 2019 — a higher VAT rate; a new procedure for imposing VAT on e-services; abolition of the tax on movable property; the introduction of a new «oil» tax — tax on additional income from hydrocarbon production (additional income tax — AIT), and many others. Also, starting from 1 January 2019, Russian regions lose the right to set reduced profits tax rates, new rules are introduced for calculating the property tax if the cadastral value has been contested, and the majority of Russian domestic transactions will be exempt from transfer pricing control.

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