A bill on increasing personal income tax deductions has been submitted to the State Duma
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State Duma speaker Vyacheslav Volodin and faction leaders bill on increasing tax deductions (personal income tax) for education, treatment, the purchase of medicines and stimulating the production of high-tech equipment. In particular, the maximum amount of expenses that are taken into account when granting a personal income tax deduction for a child’s education will be increased from 50,000 to 110,000 rubles.
The amount of expenses for education, treatment, including family members, as well as for the purchase of medicines will be raised from 120 thousand to 150 thousand rubles. In addition, it is proposed to apply a multiplying factor of 1.5 to the expenses for the purchase of high-tech equipment, similar to the procedure for accounting for expenses for the acquisition or creation of advanced Russian products in the field of artificial intelligence.
In an explanatory note (.pdf) states that the adoption of the law will not require expenditures from the budget. “Implementation of its provisions in terms of increasing the amount of social tax deductions will lead to an increase in lost revenues of the budgets of the budget system of the Russian Federation on personal income tax in the amount of about 7–8 billion rubles. per year,” the authors of the initiative say.
In June 2022, State Duma deputies from the LDPR party suggested provide the self-employed with a property tax deduction. They developed an appropriate bill and submitted it to the State Duma, but in the end it was not adopted. This week Finance Minister Anton Siluanov declaredthat there are no tax deductions for the self-employed.
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