Russian President Vladimir Putin signed the law "On Amendments to Article 1262 of Part One and Part Two of the Tax Code of the Russian Federation and Article 3 of the Federal Law "On Amendments to Articles 102 and 1262 of Part One and Part Two of the Tax Code of the Russian Federation." This is reported on the Kremlin's website.
The law provides for the application of a tax deduction for long-term savings of individuals in respect of taxpayer insurance contributions under life insurance contracts and exemption from taxation of payments under such contracts exceeding the amount of insurance contributions made, in the range of 30 million rubles for each such contract, subject to the fulfillment of the established conditions.
Taxpayers who have concluded contracts for non-state pension provision, long-term savings, voluntary life insurance, and an individual investment account for the benefit of their children will be entitled to receive an increased tax deduction in the amount of 500 thousand rubles in total for all contracts concluded by such a taxpayer for their own benefit or for the benefit of their children.
