Personal income tax rate of 15% from 2021

28 September 2020

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Attn.: NSD's Clients

Please be advised that on 1 January 2021 certain amendments to the Russian Tax Code will take effect (it is expected that the amendments will be passed by the State Duma this October). The amendments relate to taxation of income of individuals who are Russian tax residents. In particular, if an individual's income exceeds RUB 5,000,000, the excess amount will be taxed at the rate of 15%, and not 13% as is currently the case. It is currently not explained how this rule will be applicable under Article 214.6 of the Russian Tax Code to Russian residents disclosed in tax disclosures for the purposes of calculation of tax on income from securities. The question has been addressed to the drafters of the proposed amendments. The decision will be communicated in due time.

In case of any question related to this communication, you may contact your account managers at +7 495 956-27-90/91.

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Personal income tax rate of 15% from 2021

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