Russian govt considering personal income tax exemption when transferring funds, securities from sanctioned brokers

MOSCOW. June 2 (Interfax) - The Russian government is considering draft amendments to the Tax Code that would exempt individuals transferring securities and funds from sanctioned brokers from paying personal income tax, Prime Minister Mikhail Mishustin said at the start of a government meeting.

"We would completely eliminate the need to pay personal income tax when transferring securities and funds from brokers subject to foreign sanctions," Mishustin said.

Current legislation stipulates that personal income tax due on transactions with financial instruments be withheld at the end of the tax period, or until its expiration, when withdrawing funds from a brokerage account, as well as when terminating a contract with a broker.