Changes in taxation of Russian resident individuals with effect from 1 January 2021

17 December 2020
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Attn.: NSD's Clients

As a follow-up to the communication posted on 28 September 2020, please be advised as follows:

Federal Law No. 372-FZ dated 23 November 2020 that has introduced the new method of determination of the personal income tax base has not amended Article 214.6 of the Russian Tax Code to provide for the rules of application of the reduced tax rate of 13% otherwise applicable if the total aggregate income of an individual did not exceed RUB 5 million over the reporting year. Therefore, Russian resident individuals disclosed for the purposes of calculation (in aggregate, broken down by tax jurisdiction) of tax applicable to income on securities will be subject to the only tax rate of 15%.

The relevant amendments, effective from 1 January 2021, will be made to the List of Tax Rates in accordance with the Russian Tax Code:

Налоговый кодекс
Tax code
Тип финансового инструмента
Type of financial instrument
Тип лица
Type of person
Налоговое резидентство
Tax residency
Ставка налога НК РФ
Tax rate
under the Russian
Tax code
Тип дохода
Type of income
Подпункт или абзац
or paragraph
1 2 3 4 5 6 7 8
224 1   Акции российских эмитентов/Equities of Russian issuers Физическое/
Russian Tax  Resident
15 Дивиденды/dividends
224 1   Государственные ценные бумаги РФ (ОФЗ) /Federal Bonds (OFZ)
Региональные ценные бумаги (субъектов РФ и муниципальные) /
Regional bonds ( Sub-federal bonds, Municipal bonds)
Облигации российских эмитентов /Russian corporate bonds
Russian Tax  Resident
15 Процентный доход/
interest income
224 1   Облигации с ипотечным покрытием/Corporate mortgage-backed bonds Физическое/
Russian Tax  Resident
15 Процентный доход/
interest income

If you have any questions related to this communication, please contact your account managers by telephone: +7 495 956-27-90/91.

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