MIL OSI Translation. Region: Russian Federation –
As a general rule, cash bonuses are taxed at 13%.
Resolution of June 24, 2021 No. 980
The monetary reward that will be received by the winners of the All-Russian student competition “Your move” will not be subject to personal income tax (PIT). The decree on this was signed by the Chairman of the Government Mikhail Mishustin.
The competition “Your move” is being held in Russia for the first time. This is a large-scale project for students who want to test themselves in a wide variety of fields – from sports and volunteering to business development and high-tech industries.
The competition started on April 8 and is currently being held remotely. It is attended by students of non-graduation courses, that is, I – III year undergraduate and I – IV courses of a specialist degree. They choose an area of interest, listen to lectures by experts and develop their own projects. From August to October, a series of face-to-face semi-finals will take place, during which the participants will have to defend their design solutions. 200 winners will be determined at the final stage of the competition, which will take place in November. Each of them will receive 1 million rubles. The money can be spent on training, launching a startup, or improving housing conditions. The top 50 winners of the competition will also receive grants of 2.5 million to develop their university or faculty. In addition, they will be able to undergo an internship in a large company or get a job there.
The organizers of the competition are ANO “Russia – a country of opportunities” and the National League of Student Clubs.
The decree, which was signed by Mikhail Mishustin, amends the list of international, foreign and Russian awards for outstanding achievements in science and technology, education, culture, literature, art, tourism and the media, the amounts of which are not subject to taxation.
The signed document changesGovernment Decree of February 6, 2001 No. 89.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.