Tax Accounting for Russian Foreign Private Issuers and Multinational Companies

Journal
Levchenko, A.
Russia
European Taxation 2009 (Volume 49), No. 8/9
FormatPDF
USD
45

Russian tax rules place great importance on primary documentation. Specifically, expenses incurred in the International Financial Reporting Standards accounting sense in a current quarter may require a signed contract, a duly completed invoice and a formal act of acceptance signed by both parties before being recorded for tax purposes. This may delay the recognition of the expense for tax purposes leaving open the question of whether or not and when the expenses are tax deductible.