As part of the work on the draft law on amendments to the Tax Code of the Russian Federation on July 19, 2023, amendments were adopted for consideration, which will have a positive effect for many taxpayers.
Thus, as a result of the amendments, the norms of paragraph 25.1 clause 1 of Article 251 of the Tax Code of the Russian Federation will be extended until the end of 2023. According to the original version, the taxpayer had the right not to take into account for taxation purposes income from the forgiveness of obligations under a loan (credit) agreement, the lender (creditor) under which as of March 1, 2022 was a foreign company (foreign citizen).
The amendments also expand the provisions of this article by adding the possibility of "tax-free" forgiveness under the sale-purchase agreements of shares (stocks) of Russian companies concluded after March 1, 2022, where the seller is a foreign organization (foreign citizen). Similar rules will apply if the above-mentioned obligations were received under assignment agreements and under obligations related to the payment to a foreign shareholder of a limited liability company of the actual value of a share upon withdrawal from such company in 2022-2023.
The norm will be mirrored for individuals (clause 60.3 of Article 217 of the Tax Code of the Russian Federation). The value of such shares (stocks) will be deemed to be equal to zero upon further realization (clause 2.1 of Article 268 of the Tax Code of the Russian Federation).
Source: Bill No. 369931-8 "On Amending Parts One and Two of the Tax Code of the Russian Federation and Certain Legislative Acts of the Russian Federation and on Suspending Paragraph Two of Clause 1 of Article 78 of Part One of the Tax Code of the Russian Federation"
Thus, as a result of the amendments, the norms of paragraph 25.1 clause 1 of Article 251 of the Tax Code of the Russian Federation will be extended until the end of 2023. According to the original version, the taxpayer had the right not to take into account for taxation purposes income from the forgiveness of obligations under a loan (credit) agreement, the lender (creditor) under which as of March 1, 2022 was a foreign company (foreign citizen).
The amendments also expand the provisions of this article by adding the possibility of "tax-free" forgiveness under the sale-purchase agreements of shares (stocks) of Russian companies concluded after March 1, 2022, where the seller is a foreign organization (foreign citizen). Similar rules will apply if the above-mentioned obligations were received under assignment agreements and under obligations related to the payment to a foreign shareholder of a limited liability company of the actual value of a share upon withdrawal from such company in 2022-2023.
The norm will be mirrored for individuals (clause 60.3 of Article 217 of the Tax Code of the Russian Federation). The value of such shares (stocks) will be deemed to be equal to zero upon further realization (clause 2.1 of Article 268 of the Tax Code of the Russian Federation).
Source: Bill No. 369931-8 "On Amending Parts One and Two of the Tax Code of the Russian Federation and Certain Legislative Acts of the Russian Federation and on Suspending Paragraph Two of Clause 1 of Article 78 of Part One of the Tax Code of the Russian Federation"