Russia: Olympic Law provides for exemption of income for Olympic Games 2014

It has been reported that Russia has already enact its Olympic Law, which stipulates that certain income from the organization of the 2014 Olympic Games is exempt from income taxation in Russia. The exemption applies to corporate income tax for the organizers, withholding tax on payments, VAT on disposal and importation of goods, transport tax on own transport vehicles and corporate property tax on property used for organizing and conducting the Olympic Games.