Russian government gives heads up that bribes aren't tax deductible9/5/2012
Russian executives must be gnashing their teeth after the country's Finance Ministry made it official: Bribes paid overseas are not tax deductible. A recent announcement posted on the Finance Ministry's website reads: "Expenses incurred while committing legal violations, including providing bribes or kickbacks, are not recognized for the purposes of tax assessment." While it may seem strange a government agency needs to spell out that bribery isn't a legitimate business method, Russia did rank 143 out of 182 countries in the Transparency International 2011 Corruption Perceptions Index (a ranking they share with Nigeria). A gentle reminder probably couldn't hurt. [Source]
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