By John Meyer, consultant in financial affairs – Eurasia Business News, July 23, 2024. Article n°1106.

Deputies of the State Duma immediately adopted a law in the second and third readings, which is aimed at implementing the provisions of the main directions of tax policy. This follows from the status of the bill in the Duma database.

In the second reading, 312 deputies voted for the adoption of the document, 93 people voted against. In the third reading, 313 people voted in favor, and 92 voted against. There were no abstentions. The plenary session was broadcast on the DumaTV website.

The document was initiated by the Russian government, it amends the Tax Code. The bill provides for a reduction in the “threshold” requirements for participants in tax monitoring. Requirements for the amount of turnover and assets are reduced from 1 billion to 800 million rubles, as well as requirements for taxes paid from 100 million to 80 million rubles.

The bill provides for the centralized transfer of information about large families to the Federal Tax Service (FTS) of Russia. This, according to the explanatory note, will contribute to the provision of tax benefits for property taxes in a non-declarative manner.

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The document also exempts from taxation income in the form of residential premises (land plot), which is obtained free of charge from state or municipal property with partial payment. The right to a social tax deduction now applies to expenses incurred to pay for medical services without age restrictions for incapacitated children.

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In July, amendments were also adopted in the field of a progressive scale of personal income tax (PIT), Russian President Vladimir Putin signed the corresponding law on July 12. The document provides for five steps in the scale of personal income tax rates, 13% is taken as the minimum rate, and 22% is the maximum.

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© Copyright 2024 – Eurasia Business News. Article No. 1106.