Court Enforces Production Sharing Agreement

Russia’s Supreme Arbitrazh (Economic) Court held that a foreign investor must pay tax at the rate set by its 1994 production-sharing agreement with the Russian government (32%), rather than at the currently prevailing rate (24% or 20%). On the other hand, contrary to the tax authorities’ position, the court held the investor may use deductions that were allowed at the relevant time but have since been eliminated.

http://russian-law.livejournal.com/53264.html