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To: willywill

They also have a nice flat tax in Russia:

‘Personal income tax (PIT) is levied individually normally at 13 percent. There is no joint filing. Employers withhold income taxes, thus the taxpayers whose only taxable income was paid by employer do not need to file a tax return—except to claim a refund for itemized deductions.

The most important deductions are for home purchase (once a life), and education and medical expenses. Deductions require documentation and are subject to limitations. Tax returns are mandatory for registered entrepreneurs and professionals (lawyers, notaries, etc.), sellers of personal assets and recipients of other income. Out of 10.4 million registered residents of Moscow, only 94 thousand filed tax 2006 returns and 105 thousand filed for 2007.[41] State pensions and alimony are normally not taxable, as well as bank interest (unless it exceeds the refinancing rate set by Central Bank of Russia).

Capital gains from asset sales are taxable only if the seller owned the asset for less than 3 years.”

http://en.wikipedia.org/wiki/Tax_Code_of_Russia#Federal_taxes


20 posted on 12/21/2013 7:02:25 PM PST by Innovative ("Winning isn't everything, it's the only thing." -- Vince Lombardi)
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To: Innovative
13% PIT

Who needs deductions at that rate?

39 posted on 12/21/2013 8:44:43 PM PST by mountn man (The Pleasure You Get From Life Is Equal To The Attitude You Put Into It)
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