Flat 13% rate of Personal Income Tax currently applicable to major categories of revenues of the Russian tax residents will be replaced with a progressive scale of tax starting from 2021. Respective bill submitted to the Russian Parliament provides that the cumulative amount of revenues exceeding the threshold of 5 million rubles will be assessed to 15% Personal Income Tax while the sums below the said threshold will remain taxable at 13%. The process of levying the tax will be highly automated and will not imply additional reporting for the taxpayers.
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NAZALI TAX & LEGAL |