RussiaAccounting and Audit
This Tax Alert describes changes introduced to the Law on Personal Income Tax (Federal Law of 31 December 1997 No. 159-FZ) as well as Amendment No. 5 to Instruction No. 35 of the State Tax Service on Personal Income Tax (Order of the State Tax Service No. AP-3-08/230 of 8 December 1997).
Changes to the Law
The amendments introduced by the Law on Personal Income Tax came into force from 4 January 1998 - the date of their official publication in Rossiyskaya Gazeta. The corresponding amendments to Instruction No. 35 should be introduced in the near future.
New rates of the tax and exemptions
The new personal income tax rates and income brackets are shown below. These apply to 1998 income (please note that the amounts are expressed in re-denominated roubles):
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