The state Duma ratified the Protocol with Belgium on the taxation of transactions in shares

© RIA Novosti / Natalia to Seliverstova in fotomancer on the building of the State Duma on Okhotny Ryad street in Moscow. Archival photoThe state Duma ratified the Protocol with Belgium on the taxation of transactions in shares© RIA Novosti / Natalia to Seliverstova the image Bank

The state Duma adopted the law on ratification of the Protocol to the Russian-Belgian Convention on avoidance of double taxation and prevention of evasion from taxation with respect to taxes on income and on capital.

The main goal of this Protocol marked the addition of the Convention provision that allows tax gains from the alienation of shares or similar rights in the company, more than 50% of the cost which is represented by immovable property in the state where the property is located. Made some of the internationally accepted exceptions.

This provision will not be applied, firstly, in respect of income derived from the alienation of shares or similar rights in the company in the reorganization. Secondly, it concerns the income derived from the alienation of shares or similar rights in companies listed on a recognized stock exchange, including on the Moscow stock exchange, NASDAQ, the new York and Swiss stock exchanges.

Third, the relevant provision will not apply to income derived from the alienation of shares or similar rights in the company, more than 50% of whose assets consists of immovable property used as a place of reference for its business.

Belgium continues to be for Russia as a reliable and promising trade and investportal, said at a plenary meeting, a member of the state Duma Committee on international Affairs Elena Panina. «Belgium also has consistently called for the lifting of economic sanctions against Russia. At the beginning of the year the Belgian Parliament has made the relevant resolution. Due to the sanctions regime of the Belgian exporters annually lose 1.5 billion euros,» — said the Deputy.

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