29.09.08

The President approved amendments to the Tax Code which will give the Minister of Finance the right to grant such postponements starting in 2009. Payments may be delayed up to five years.

This is to protect Russian companies from bankruptcy and asset sales due to tax claims. However, there are no specifics yet on how the idea will be implemented.

Currently Article 64 of the Tax Code of the RF allows tax authorities grant postponements of up to one year, but in actual practice this mechanism is almost never used.

Since the beginning of this year, tax authorities have made claims for tens of billions of rubles against several large companies, such as “Eldorado”, “Svyaznoy”, MIAN, “KrasAir” and others.

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Source: Российский налоговый портал