The State Duma of the Russian Federation adopted a law on exemption from personal income tax for regional payments to defrauded real estate investors
The State Duma adopted in the second and third readings a bill on exemption from personal income tax (PIT) compensation received by citizens in accordance with the laws of the constituent entities of the Russian Federation to protect the rights of equity holders in the event of bankruptcy of developers. Document notes
Now, in the event of bankruptcy of the developer, income received by citizens participating in the construction at the expense of the property of the public company “Territorial Development Fund” is not subject to personal income tax. Such a benefit is provided to those who have requirements for the transfer of residential or non-residential premises, parking spaces included in the register of such requirements. The document provides that the compensation that equity holders receive from the subjects of the federation will also be exempt from personal income tax. The amendments to the second reading clarify that such a measure is applied when receiving federal or regional compensation.
As explained earlier by one of the authors, a State Duma deputy from United Russia Sergei Kolunov, the document was developed jointly with the prosecutor’s office of the Moscow region. Its adoption will allow restoring social justice in relation to affected citizens who invested money in the construction of apartment buildings and received compensation in accordance with the laws of the constituent entities of the Russian Federation on protecting the rights of citizens participating in shared construction in case of insolvency (bankruptcy) of developers.
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