Russians want to be exempted from personal income tax on debts forgiven by foreigners – Kommersant


The Russian government has proposed not to levy personal income tax from Russians on income arising from the purchase of shares or shares in a Russian company from non-residents who forgive the resulting debt to the buyer. The government made the relevant amendments to bill No. 369931-8 “On Amendments to Parts One and Two of the Tax Code of the Russian Federation and Certain Legislative Acts of the Russian Federation”.

According to the text of the amendments, personal income tax will not apply to “income in the form of amounts of liabilities terminated in 2023 under a contract for the sale of shares (stakes in the authorized capital) of Russian organizations concluded after March 1, 2022, owned by the seller as of March 1, 2022 — a foreign organization (or a foreign citizen who is not a tax resident of the Russian Federation), if a decision is made to forgive the debt by such an organization (citizen)”. The amended document, which was approved by the Government Commission on Legislative Activities on July 10, is available RBC.

In addition, the document proposes to exempt Russians from personal income tax even if a non-resident transferred the debt by the end of 2023 using an agreement on the assignment of claims to another foreign organization, which subsequently forgave the obligation.

The bill, which was amended by the government, also offers extend for 2023 the exemption from personal income tax for businessmen who rewrite assets from foreign structures into personal property, Forbes reported. This measure was in effect in Russia from March until the end of 2022.

During the address to the Federal Assembly in February 2023 to deoffshorize business urged Russian President Vladimir Putin. In early June, the Ministry of Economy presented corresponding plan. It involves tax incentives, protection of shareholders, simplification of relocation and fine-tuning the regulation of international funds.

About what measures the ministry had previously proposed – in the material “Kommersant” “A new path will be paved to “Russian offshores””.

Erdni Kagaltynov

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