The State Duma in the first reading approved the increase in some social tax deductions

The State Duma adopted in the first reading a bill to increase tax deductions (for personal income tax) for education, treatment, purchase of medicines and stimulation of the production of high-tech equipment. April 5 initiative made for consideration by the speaker of the State Duma Vyacheslav Volodin and the leaders of the factions.

The maximum amount of expenses that are taken into account when providing a tax deduction for personal income tax for the education of a child will increase from 50 thousand to 110 thousand rubles. The amount of expenses for education, treatment, including for family members, as well as for the purchase of medicines will be increased from 120 thousand to 150 thousand rubles. A multiplying factor of 1.5 will be applied to 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.

Mr. Volodin declaredthat the draft law “will save money that citizens can spend on additional education.” The explanatory note stated that the implementation of the initiative would lead to an increase in lost revenues by about 7–8 billion rubles. annually.