Russian Depository Receipts Owners Can Be Exempted from Tax

Russian Depository Receipts Owners Can Be Exempted from Tax

The Budget and Taxation Committee has proposed Russian Duma to approve in the first reading the amendments to the Russian Tax Code and to the Law ‘On Securities Market’, helping to resolve the issue of double taxation of the foreign investors.

Particularly, the amendments provide the abolishment of tax on dividends received by non-residents from Russian depository receipts, as dividends derived from these receipts ‘are not the income received from the sources in Russia’.

The relevant bill will be considered in the middle of October.

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