Russia to Double Exit Tax for Foreign Businesses to 35%, Firms to Receive Only 5% of Assets

Oct 11, 2024, 11:00 AM

Russia is set to double the 'exit tax' for foreign businesses from the current 15% to 35% of the market value of assets. Transactions worth more than RUB50bn ($520mn/€475mn) will require permission from President Putin. Additionally, the Russian Finance Ministry has tightened the rules for foreign companies withdrawing from the country, meaning that firms exiting Russia will receive just 5% of the market value of any assets sold. According to RBC, these 'voluntary contributions' are part of an effort to increase the financial burden on foreign companies seeking to leave the Russian market.