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fa20-470.pdf

🔗 Source: assets.kpmg.com

📊 Size: 158 KB

👤 Author: D. Podnyek and O. Zamesina;KPMG-Russia

⬇️ Downloads: 34

Summary

Russia has introduced a new regime for paying personal income tax (PIT) on controlled foreign company (CFC) profits, allowing individuals to pay PIT on a fixed amount of profit rather than actual profit. The fixed amount of profit is RUB 38,460,000 for 2020 and RUB 34,000,000 for 2021 and subsequent years, resulting in approximately RUB 5 million in PIT per year. To apply the new regime, individuals must submit a notice to the tax authorities by February 1, 2021, for the 2020 tax return, or by December 31 of the year they decide to apply the regime. The new regime can be applied for at least three years, and individuals can discontinue it after the minimum period or if the tax amount increases due to changes in the Tax Code. The regime has advantages, such as reduced administrative burdens and eliminated risks of fines, but also disadvantages, including the inability to reduce PIT by taxes paid by the CFC or dividends distributed.

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Description

Russia has introduced a new regime for paying personal income tax (PIT) on controlled foreign company (CFC) profits, allowing individuals to pay PIT on a fixed...

Technical Information

File Format: PDF
File Size: 158 KB
Pages: 4
Language: EN
Author: D. Podnyek and O. Zamesina;KPMG-Russia
Total Downloads: 34
Last Updated: 5 months ago

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