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Title Research

Russia

Russia (Rossiyskaya Federatsiya) is the largest country in the world. It is a federation and semi-presidential republic consisting of 85 federal subjects, divided into six categories, seven federal districts and 12 economic regions, and a civil law jurisdiction.
New developments
  • Introduction of a new profits tax rate of 20 per cent for corporations, effective 1 January 2009.
  • Recent developments for individuals include rules for obtaining official confirmation of Russian tax residency, with effect for tax periods from 1 January 2007; tax on dividends for non-residents reduced to 15 per cent; removal of the 35 per cent tax on insurance policy income.
  • The 2007 tax amnesty resulted in approximately USD150 million paid in taxes.

1. Introduction

Russia (Rossiyskaya Federatsiya) is the largest country in the world. It is a federation and semi-presidential republic consisting of 85 federal subjects, divided into six categories, seven federal districts and 12 economic regions, and a civil law jurisdiction.

The President (Dmitry Medvedev) is the head of state, and the Prime Minister (Vladimir Putin) is the head of government. The Constitution of the Russian Federation is the country’s supreme legal document.

The population is approximately 141 million. The capital and largest city is Moscow.

The currency is the Russian Ruble (RUR).

Editorial board
Ashley Crossley
Baker & McKenzie LLP, London, England

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