Taxation of Exchange Rate Differences as a Measure of Anti-Crisis Financial Support for Enterprises in the Russian Federation

Abstract

The subject of the study is financial support for business through amendments to the rules for taxation of exchange rate differences on foreign exchange obligations and foreign exchange claims in the Russian Federation.

The purpose of the work is to identify the impact of changes in the rules of taxation of exchange rate differences on foreign exchange obligations and foreign exchange claims in the Russian Federation in 2022 and for the period 2023–2024 on the tax liabilities of companies. It is established that the new procedure for the taxation of exchange differences, introduced by Federal Law No. 67-FZ of 26.03.2022 and clarified by Federal Law No. 523-FZ of 19.12.2022, differs significantly from the unchanged accounting procedure. The ambiguous influence of the new order of taxation of exchange differences on certain categories of taxpayers, whose tax liabilities may increase significantly, has been revealed. The circumstances under which the taxpayer’s position may worsen as a result of the new procedure for taxation of exchange differences have been established. Insufficiently elaborated norms of the new procedure for taxation of exchange differences have been established (novation of foreign exchange obligations and claims, revision of accounting systems, transfer of losses from exchange differences to future tax periods).

The article concludes that it is necessary to significantly refine the legislation regarding the rules of taxation of exchange differences for the period 2023–2024.