From 2024, tax deductions for education and treatment will increase

Tax deductions for the expenses of Russians on education, treatment and the purchase of drugs will increase, the corresponding law was signed by President Vladimir Putin.

According to the new rules, from January 1, 2024, the maximum amount of tax deductions for treatment, personal training and the purchase of medicines will increase from 120,000 rubles. up to 150,000 rubles. For the education of the child, it will be possible to return twice as much: previously the amount was 50,000 rubles, now it is increasing to 110,000 rubles.

The law also establishes measures to stimulate the production of Russian high-tech equipment. In particular, he introduces a multiplying factor of 1.5 to account for income tax expenses when purchasing such devices, their list will be approved by the Cabinet.

Putin proposed to increase the maximum amount of tax deductions for education, treatment and the purchase of drugs on February 21 during his message to the Federal Assembly. He also stated that the deduction should be provided “in a proactive mode – quickly and remotely, not burdensome for citizens.” The corresponding bill was submitted to the State Duma in early April.

In Russia, there are several types of tax deductions: property – for the cost of buying a home, building it or acquiring a mortgage, social – for charity, treatment, education, sports, the funded part of the pension, investment – for long-term ownership of securities and bank deposits, professional – for conducting private professional activities and standard – for privileged categories of citizens and families with children.

At the end of 2022, the HeadHunter research service, following a thematic survey, reported that only 38% of working Russians use the tax deduction.

In early February, the Ministry of Education and Science proposed introducing an additional tax deduction for educational loans so that students could return up to 200,000 rubles.

According to the latest published data from the Federal Tax Service, in 2020 social deductions of various types were provided to 2.6 million taxpayers for a total amount of RUB 139 billion. In order to receive property deductions for the purchase of housing and for the payment of interest on mortgages, 5.3 million applications were submitted from individuals to reduce the tax base in the amount of 2 trillion rubles. 1.5 million applications for the amount of 1.6 trillion rubles were submitted for the property deduction when selling property. The total tax refundable from the budget based on the results of desk audits of income declarations in 2020 for all types of deductions amounted to RUB 287.7 billion.

In less than 6 months of 2022, more than 4.5 million people have returned 267 billion rubles. as tax deductions for personal income tax, said the head of the Federal Tax Service of Russia, Daniil Yegorov, at a briefing in the government on June 9 last year.

He recalled that desk checks of declarations were reduced from three months to 15 days, if there are no errors in the declaration and all supporting documents are attached. If there are errors or something is missing, then the verification period increases, Egorov explained.