Exit tax increase to at least 15% of 100% of the market value.

The new rules regarding calculation method of voluntary contribution to the federal budget (“exit tax”) will came into force.

Previously, the exit tax had to be paid in the amount of not less than 10% of 50% of the market value of the relevant assets specified in the Independent valuation report (if the assets are sold at a discount of less than 90% of the market value of the relevant assets specified in the Independent valuation report), or not less than 10% of the market value of the relevant assets specified in the Independent valuation report (if the assets are sold at a discount of more than 90% of the market value of the relevant assets specified in the Independent valuation report). In addition, several ministries only agree to review the application if the exit tax is at least 15%.

Currently, according to Ivan Chebeskov, Director of the Financial Policy Department of the Ministry of Finance, the exit tax will be increased to at least 15% of 100% of the market value of the relevant assets specified in the Independent valuation report for all transactions (i.e. regardless of the sponsoring ministry). The relevant decision of the Sub-Commission will be published accordingly.