OREANDA-NEWS  The Ministry of Finance of Russia has developed amendments to the Tax Code that will exempt companies that have fallen under Western sanctions from tax on the sale of shares or shares in the capital of other organizations. This is with reference to the text of the document already approved by the government commission on legislative activity, reports RBC.

Experts interviewed by the publication indicate that the proposal will protect such companies from excessive tax burden that would arise due to circumstances beyond their control. The decision to sell could have been forced to avoid falling under the so-called "50 percent rule". It means that a company, 50 percent or more of which is owned by a sanctioned person, itself falls under restrictions.

The norm from the Ministry of Finance implies that if a company has concluded transactions during 2022, then the profit from such income is taxed at a zero rate. At the same time, sanctions should be imposed on the company already at the time of sale.

Companies that have fallen under sectoral sanctions will also be able to claim the benefit, although they are much milder than blocking assets in the United States or the European Union. However, in each case, the sold block of shares or a share of the company must belong to a sub-sanctioned person for at least a year, otherwise the tax rate will remain unchanged.