Vladimir Putin signed the law on price control in foreign trade transactions

Vladimir Putin signed the law on amendments to the Tax Code concerning tax control over prices and the procedure for concluding a pricing agreement for tax purposes.

In particular, the law changes the conditions for recognizing foreign trade transactions as controlled if the subject of these transactions is goods related to the main export items of the Russian Federation, such as oil, ferrous and non-ferrous metals, mineral fertilizers, precious metals and stones.

The tax authorities will form notices of controlled transactions for the completeness of the calculation and payment of taxes. The taxpayer won’t have to provide documents related to the transaction if they are already at the tax authorities' disposal.

At the same time, the maximum period for consideration of an application for the conclusion of a pricing agreement with the competent foreign state’s authority is increased from 9 to 27 months.

The law also provides the optimization of the procedure for notifying the tax authorities of changes in the taxpayer’s share of participation in a foreign organization.