The government proposed expanding the tax deduction mechanism for investments
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The Government of the Russian Federation has prepared a bill aimed at supporting the investment activity of citizens. How reported Prime Minister Mikhail Mishustin, the document involves expanding the tax deduction mechanism if the investment period is at least ten years.
According to the bill, the new rules will affect voluntary contributions to non-state pensions, as well as deposits under the long-term savings program. It will be launched in early 2024.
Mikhail Mishustin noted at a government meeting that the new measure will increase the personal savings of citizens. Part of the expenses, he added, could be returned for the purchase of securities.
In February, Russian President Vladimir Putin instructed the government to stimulate the flow of investment into the country’s economy through the long-term savings of citizens. In May, the president signed a law on a long-term savings program, for whose participants a tax deduction of up to 52 thousand rubles is provided.
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