Reference
The Ministry of Finance has elaborated a draft federal law on introducing amendments to Chapter 21 of the second part of the Tax Code. The draft is aimed at relieving investors in the construction of Olympic and Paralympic facilities of the value added tax (VAT) when they transfer these facilities free of charge to the Russian organisers of the 22nd Olympic and 11th Paralympic Games in Sochi (the autonomous non-profit Sochi-2014 Organising Committee), in accordance with Article 3 of the federal law on the preparations and conduct of these Games, the development of Sochi as an alpine resort and the introduction of amendments to some statutes of the Russian Federation.
In addition, the VAT deducted during the construction of these facilities shall not be reinstated under the draft.
This benefit will be valid until January 1, 2017.
The Government reviewed and endorsed the draft at a meeting on May 23, 2013.