11.03.08

If a Russian company with a branch abroad insures its personnel (Russian citizens) through a foreign insurance company that does not hold a license according to requirements of Russian legislation, the company may not write off these expenses from its profit tax base.

A letter of the Ministry of Finance (N 03-03-06/1/90 from February 12, 2008) explains that the Tax Code does not have provisions for including employer’s insurance expenses based on agreements with foreign companies without Russian licenses.

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