Putin signed a law on the priority transfer of personal income tax to regional budgets
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Russian President Vladimir Putin signed law on the priority transfer of personal income tax (PIT) to regional and municipal budgets. The document is published on the portal of legal information.
The bill was submitted to the State Duma on May 11 by a group of deputies and senators headed by State Duma Speaker Vyacheslav Volodin and Federation Council Chairman Valentina Matviyenko. Already on May 17, the bill was adopted State Duma in three readings at once, and on May 24 – approved Federation Council.
The authors of the bill noted that personal income tax is the main source of tax revenues for the consolidated regional budgets in the regions.
“The introduction of a single deadline for the payment of tax payments and the diversion of personal income tax to pay off arrears on other taxes leads to an uneven flow of funds to budgets, their imbalance and does not allow to fully finance current budget expenditures,” the explanatory note says.
As conceived by the authors, the amendments are necessary to “improve the financial stability of regional and local budgets”, as well as to “more evenly finance the spending obligations” of the regions. The document comes into force from today.
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