Russia's Federal Tax Service recently issued a news release on amendments to the Tax Code regarding intellectual property that were introduced by Federal Law No. 305-FZ of 2 July 2021. As previously reported, this includes the addition of a new clause with effect from 2 August 2021 that allows Russian regions to establish a reduced regional corporate tax rate in relation to the income (profit) received by taxpayers from the provision of rights to use the results of intellectual property activity under a license agreement, provided that the exclusive rights belong to the taxpayer and are registered with the federal executive body for intellectual property. Further, the taxpayer must maintain separate accounting of the income (expenses) received (incurred) in the framework of such activities carried out in the territory of the corresponding region and income (expenses) received (incurred) from other activities. The release also notes that the types of results of intellectual profit activity, the profit qualifying to be taxed at a reduced tax rate, the reduced tax rate itself, and additional conditions for the application of the reduced rate are determined by the law of the corresponding region of Russia.