Federal Law No. 389-FZ of July 31, 2023 introduced numerous changes to tax legislation, including some regarding the procedure for forgiving loans from foreign counterparties under contracts concluded before March 1, 2022.
In accordance with Art. 251, paragraph 1, subparagraphs 21.5 income of a Russian organization arising due to the termination of loan obligations (both the principal body of the debt and accrued but unpaid interest), acquired as a result of a decision to forgive the debt by a foreign organization, are not taken into account in determining the tax base of the company, i.e. e. are not accepted as taxable income and do not participate in the calculation of the company’s financial indicators (profit or loss).
Previously, this rule was temporary and was valid in case of forgiveness of such loans until December 31, 2022, but the new law extended its validity until December 31, 2023.