Putin signed the law on the reduction to 10% VAT on far rail transportation

Putin signed the law on the reduction to 10% VAT on far rail transportation


MOSCOW, December 29. The President of Russia Vladimir Putin has signed a law that preserves in 2016 the size of the coefficient-deflator for the calculation of the single tax on imputed income (UTII, “vmenenku”) at the level of the current year. This ratio will be 1,798. The document amending a number of articles of the tax code, published on the official portal of legal information.

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The same law also reduced VAT rate from 18% to 10% for rail transportation of distant following. The VAT rate of 10% for transportation of passengers and Luggage by rail long-distance trains will be installed in the next two years.

Unified tax on imputed income (“vmenenku”) is a tax system that is used for certain types of business activity, including retail. It involves the imposition of a tax not actually received the income and imputed, that is potentially possible.