Incomes of individuals from the sale of recyclables in Russia want to be completely exempt from paying personal income tax. This implies a new version of the draft law on amendments to the Tax Code of the Russian Federation, which the Ministry of Industry and Trade sent out to businesses for discussion. Izvestia got acquainted with a copy of the document. Under the waste “the bill recognizes the waste paper generated by individuals in everyday life and owned by them, waste of plastic and glass containers, rubber that have lost their consumer properties in the process of their use and consumption,” the explanatory note to the document says.
The previous version of the amendments assumed that only incomes up to 4 thousand rubles would be exempted from personal income tax. And buyers, including processors, became tax agents, similar to how an employer pays fees for an employee. In the new version of the document, this provision remains only for income from the sale of scrap and waste from ferrous and non-ferrous metals.
Now individuals, when selling waste owned by them for more than three years, are exempted from paying personal income tax, the Ministry of Finance told Izvestia. When handing over recyclables that have been owned for less than three years, citizens are entitled to a tax deduction of 250 thousand rubles. From January 1, 2022, incomes up to this amount do not need to fill out tax returns, the department said.
Read more in the exclusive Izvestia article:
Resource state: in Russia they want to abolish personal income tax from the delivery of recyclables
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
