Russia To Introduce Low, Fixed Business Income Tax Rates To Encourage Russian Investors Back To Russia
Russia’s Finance Ministry has proposed a fixed income tax rate for Russian shareholders of foreign companies in Russia. The amendments to the tax code would introduce a fixed tax rate of 5 million rubles per annum (US$64,600) per annum, without the need to file audited accounts. The rates will be applicable for five years.
The move is part of an on-going scheme to motivate Russian nationals to return to investing and holding capital and profits in Russia. This coincides with Russia amending its Double Tax Treaties with several favored tax havens including Cyprus and Malta that reduce the tax free threshold in offshore jurisdictions for Russian nationals.
- Russia To Raise Income Tax Rate To 15% On Annual Earnings Over Rubles 5 Million
- Russia Raises Tax Rates For High Earners, Reduces Taxes For I.T. Investors
Russia Briefing is written by Dezan Shira & Associates. The firm has 28 offices throughout Eurasia, including China, Russia, India, and the ASEAN nations, assisting foreign investors into the Eurasian region. Please contact Maria Kotova at firstname.lastname@example.org for Russian investment advisory or assistance with market intelligence, legal, tax and compliance issues throughout Asia.