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NEWS

Russia: draft law on luxury tax introduced to Parliament


23/03/2012

A draft law on luxury tax was introduced in the Parliament.

Items subject to luxury tax would include immovable property with a value above RUB30m and vehicles with a value above RUB3m.

The tax base would be the market value of such assets.

The following annual tax rates are proposed:

For immovable property:

  • With a value between RUB30m–50m – 0,3%
  • With a value between RUB50m–100m – 0,6%
  • With a value between RUB100m–150m – 1%
  • With a value above RUB150m – 5%

For vehicles:

  • With a value between RUB3m–5m – 1%
  • With a value between RUB5m–20m – 3%
  • With a value between RUB20m–60m – 5%
  • With a value above RUB60m – 7%

If adopted, the amendments would enter into force as of 2013.

Source: http://tmagazine.ey.com

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