Russian President Vladimir Putin has signed amendments to the Tax Code of the Russian Federation on the personal income tax deduction for long-term savings of individuals. This is reported on the Kremlin's website.
In accordance with the law, a tax deduction can be obtained for investments in an individual investment account opened starting from January 1, 2024 for a long-term period (IC-3); contributions to the long-term savings program; contributions under a non-state pension insurance agreement.
Tax deductions will be provided in aggregate for all instruments in the range of 400 thousand rubles per year.
The current personal income tax deductions in respect of IIS, which were opened before December 31, 2023, will remain.
The law simplifies the procedure for providing tax deductions for long-term savings, and services for the formation of such savings are exempt from VAT.
