The Federal Law that adopts the amending tax code has entered into force with effect from June 24, 2014. On the basis of Federal Law No. 166-FZ, pensions paid to individuals under non-state pension insurance agreements signed by their employers with licensed non-state pension funds shall not be subject to individual income tax, given that the withholding individual income tax by the employers upon transfer of pension contributions before January 1, 2005. Income tax must be refunded to the individuals according to article 78 of the Tax Code if individual income tax was withheld from the pensions and it applies to pensions paid until December 31, 2014.
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