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Tax Reform. How it will affect individuals

DATE: July 10, 2024 | AUTHOR: AT

On 10 July 2024 a draft law was adopted by the State Duma and the Federation Council that significantly changes the tax consequences for individuals – Russian tax residents, as well as non-residents receiving income from sources in Russia. Most of the amendments will come into force in the 2025 tax period.

  • Changes to PIT scale: rates ranging from 13% to 22%;
  • Changes to PIT regime for CFC: PIT amounting to 5 million rubles for each CFC (but not exceeding 25 million rubels for 5 and more CFCs);
  • Five-year tax exemption for shares/interests: not applicable to non-residents, as well as for residents with a tax base exceeding 50 million rubles;
  • Amendments are being made regarding the tax benefit for long-term ownership of securities (requirements for securities eligible for the benefit are being changed).

We recommend analyzing your personal tax implications that may arise upon coming into force of the amendments.

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