OREANDA-NEWS The government has finalized a draft of tax amendments designed to close some loopholes in tax evasion, RBC reports with reference to the text of the draft.

"A significant part of the amendments concerns the regulation of transfer pricing. In particular, fines for violations are increasing, the circle of interdependent persons is expanding, the procedure for additional taxes is changing if non—market prices are detected in transactions," the publication notes. According to Deputy Finance Minister Alexey Sazanov, the proposed initiatives will make it possible to more effectively control prices in transactions between interdependent persons that are suspicious from the point of view of paying taxes.

The adoption of the amendments, according to the official, will reduce the number of cases "when foreign exchange earnings from foreign trade operations are not returned to Russia due to abuse by taxpayers through the use of non-market prices in transactions."

According to the State Duma database, the draft amendments are planned to be considered in the second reading on November 9.

Earlier, Deputy Finance Minister Alexey Sazanov said that the Ministry of Finance does not plan to re-introduce a tax on excess profits and change the basic parameters of the tax system, including personal income tax rates, in 2024.