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The list of earnings not subject to income tax has been expanded

The list of earnings not subject to income tax has been expanded

2 August 2023

The law signed by the President of the Russian Federation introduced extensive amendments to tax legislation (Federal Law No. 389-FZ dated July 31, 2023). In particular, the list of incomes that are not taken into account by organizations when determining the tax base for income tax has been adjusted (paragraph 1 of Article 251 of the Tax Code).

Thus, it includes the amounts of obligations terminated in 2022-2023 under loan agreements, contracts for the purchase and sale of shares of Russian companies concluded with foreign companies for which decisions were made on debt forgiveness, as well as on the payment of the right of claim for obligations arising from these agreements when making a decision on the forgiveness of such an obligation. In addition, income related to the payment to a foreign participant of the Ltd of the actual value of the share in case of withdrawal or exclusion from the membership of the participants in the specified periods is not taken into account.

And also income in the form of replacement bonds received as a result of the exchange of bonds of foreign organizations (Eurobonds) is not taken into account. But this rule is applied by holders of Eurobonds, if the latter belonged to them by right of ownership or other proprietary right on March 1, 2022.

Another type of income that is not taken into account when calculating income tax is income in the form of property, property rights, results of work, services received by an organization free of charge if Russian legislation imposes on it the obligation to take ownership of such property, property rights, results of work, services.

These norms come into force after one month from the date of the official publication of the law, that is, from August 31, 2023.

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