State Duma adopts draft bill on income tax concessions for citizens subject to sanctions

MOSCOW. June 9 (Interfax) - The State Duma passed in the first reading a bill that would allow Russian citizens subject to Western sanctions to sell shares (participatory interests in charter capital) in Russian companies without paying personal income tax in 2022.

The government submitted the document (N136059-8) to the Duma on June 3.

The bill proposes that citizens against whom sanctions have been imposed be exempt from paying personal income tax when selling shares in Russian companies in 2022, provided that they have owned them for more than one year. "Provided that on the date of sale of such shares (participatory interests in charter capital) they were continuously owned by the taxpayer by right of ownership or other property right for more than one year," the bill states.

According to the bill, ordinary citizens who were not sanctioned, but who had to transfer shares and funds from one broker to another, will also not have to pay personal income tax in the "interim period."