The media learned about plans not to collect personal income tax when transferring assets from abroad until the end of the year

The government plans to extend until the end of 2023 the exemption, thanks to which businessmen will be able to transfer foreign assets to personal property without tax. About it informed Forbes with reference to the amendments prepared by the Ministry of Finance for the second reading of the bill on amendments to tax legislation.

According to the text of the amendments, individuals-residents of Russia, regardless of citizenship, will be exempt from tax on income from the transfer of ownership of securities, shares in the authorized capital of Russian companies, etc. This benefit was valid throughout the past year, it was adopted as a protective sanctions measures.

In addition, the bill provides for the absence of restrictions on the “purity” of jurisdiction. The extended benefit will also be available to owners of controlled foreign companies in offshore and tax havens.

During his speech at the plenary session SPIEF June 16 Russian President Vladimir Putin offered work out mechanisms that will help those who are entangled in their offshore companies to find a place in Russia. Putin instructed the government, together with the business community, to work out “a mechanism for the rights of protecting citizens and legal entities that own Russian companies through foreign layers.”

In addition, the head of state instructed the government to work out a mechanism by the end of the year to return “assets in key industries to Russian jurisdiction, including simplifying the procedure for transferring business to Russia and registering in special administrative regions,” if a company’s “moving” back to Russia is blocked by a foreign country.