Russia has published Federal Law No 372-FZ of 23 November 2020, which provides for the introduction of an increased income tax rate on higher-income individuals as announced earlier in the year by President Putin. This includes that the current 13% rate continues to apply on individual income up to RUB 5 million, with income exceeding that amount subject to a new increased rate of 15%. The increased rate applies for both resident and non-resident individuals with effect from 1 January 2021.
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