Personal Tax Planning
VFBS: Your Tax and Legal Professionals in Russia
Russian legislation provides many attractive tax benefits for a variety of investments in Russia. Other investments, such as foreign company stock option plans, are also considered income and are therefore affected by Russian tax legislation.
Before making investment decisions, contact VFBS law office to obtain professional advice in financial planning which makes the most of Russian legislation. Our specialists have 7 years of experience assisting the foreign and Russian business community. We have up-to-the-minute information on changes in legislation and know the best ways to maximize your income and minimize your tax burden. You really can't afford not to speak to our team of experts.
Investing in Russian Real Estate
If you purchase real estate in Russia, you can deduct from your personal income tax:
- up to RUR 1,000,000 of the real estate cost
- the total mortgage interest
If you sell real estate, you can deduct from your personal income tax:
- sale proceeds of up to RUR 1,000,000 if the dwelling or other real estate was owned for less than five years (less than three years since 2005)
- the total sale proceeds if the real estate property was owned for five or more years (three or more years since 2005)
Russian tax legislation provides further benefits for those purchasing and selling real estate. Companies might therefore consider purchasing housing for their expatriate staff since it may prove to be far more beneficial than providing rental subsidies or housing allowances. Why waste money when you can save it?
Russian Taxation of Stock Option Plans
Does your company offer its employees incentives to participate in various kinds of stock option plans? Before you sign on, be sure that you know how Russian legislation affects the granting, acquisition, exercise of options and subsequent sale of securities while on assignment in Russia.
Operations with Securities & Shareholding with Investment Funds in Russia
Are you considering investing in Russian securities? A personal broker can help you invest in a mutual fund in Russia, but operations with securities are specifically governed by Russian tax legislation. Let a specialist help you evaluate what that means as far as your Russian personal income tax obligations are concerned before you invest.
Starting up a Sole Proprietorship
Do you provide independent consultations (or carry out other work) for Russian partners? If so, a sole proprietorship may be right for you. Other forms might be more advantageous: taxation mechanisms vary significantly depending both on the type of business you conduct and on its level of turnover.
The VFBS law office offers assistance in determining your Russian tax status, starting up your business, deciding on the most beneficial tax regime, and liaising with the tax authorities.
Personal Income Tax Compliance
Did you know that...
Any Russian tax resident who has received income out of which Russian tax was not withheld or who provided independent personal services is required to submit a Russian Personal Income Tax declaration?
Even those who have no tax obligations are required to submit a declaration in order to receive legal exemption.
Individuals staying in Russia for less than 183 days per year may also be required to submit a report of their work and other income received in Russia.
The deadline for the submission of the Russian Individual Income Tax declaration is April 30 of the year which follows the year that the tax report refers to.
The specialists at VFSB law office can prepare and submit your Russian personal income tax declaration for you, making sure you receive all the exemptions and benefits you are entitled to. They will ensure that the relevant Double Tax Treaties are used to your benefit. Don't wait until it's too late. Careful planning early on in your stay will ensure maximum tax benefits.
VFSB financial and legal experts provide:
- individual and corporate tax, legal and investment counseling
- affordable and flexible services to meet all your needs
- a full range of one-stop service packages, from investment counseling to preparation and submission of tax and legal documents
- legal representation in the Russian governmental organizations
Whether you are an individual or a corporation,
expatriate or Russian, small business or major company,
VFSB can help you make the most of your investments
and maximize the income
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