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Russian ruble becomes basic monetary unit in LNR
12:29, 1 March 2017
Russian ruble becomes basic monetary unit in LNR

From now on, all the companies that operate on LNR territory must pay taxes in rubles

12:29, 1 March 2017

112 Agency

On March 1, Russian ruble becomes the basic monetary unit in LNR territory. The corresponding decision was stipulated in resolution of so-called LNR Council of Ministers on  February 21 this year.

In particular, the document notes that such measures were taken in order to stabilize the financial and monetary system, as well as in connection with the implementation of financial operations in LNR mainly in Russian rubles.

Previously, the so-called People's Council of LNR adopted amendments to the Law "On the tax system." This document obliges the legal and natural persons-entrepreneurs working in LNR and the non-residents, until March 1, to conclude an agreement with the tax agents, which provides the payment of taxes, fees and other mandatory payments (including a single fee for obligatory state social insurance), established by the current LNR legislation, to the budget of Republic and to fulfill the obligations to pay taxes, fees and other mandatory payments for periods of activity prior to the conclusion of such a treaty.

So all the companies that operate in LNR will be required to pay taxes in rubles, instead of the national currency.

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