The Ministry of Finance has submitted a package of amendments to improve the tax system in Russia for consideration by the government. The State Duma may approve it as early as the spring session.
Among the main changes are a new progressive personal income tax scale, an increase in corporate income tax, and a tax deduction for families with children. The www1.ru editorial team has collected the main points about the bill.
Purpose of the amendments
Russian President Vladimir Putin stated at the end of February that it was necessary to make the tax system more perfect. He noted that the tax burden should be redistributed at the expense of recipients of higher incomes, but this should be done carefully, taking only balanced decisions.
Minister of Finance Anton Siluanov clarified that the income from the change in the tax system will be directed to social infrastructure, support for childhood and motherhood, and increased social payments.
New personal income tax scale
The 13% tax rate for individuals will remain for those citizens whose income does not exceed 2.4 million rubles per year. From 2.4 to 5 million rubles, the tax will increase to 15%, from 5 to 20 million rubles it will be 18%, from 20 to 50 million rubles - 20%, and for incomes over 50 million rubles - 22%. At the same time, the increased tax will be charged not on the entire amount, but only on the excess of the corresponding thresholds.
The Ministry of Finance clarified that the introduction of a progressive personal income tax scale will affect about 3% of the Russian population. Participants in the special military operation will not be affected by the changes. Families with two or more children and an average per capita income below 1.5 subsistence minimums will be able to return 7 out of 13% of the personal income tax paid.
This deduction will also be granted to citizens who undergo annual medical examinations or pass the GTO standards, in which case the monthly deduction will be up to 500 rubles if they are successfully completed.
For business
For businesses, the corporate income tax will be increased to 25% from 20%. This will allow the cancellation of the exchange rate export duty from January 1, 2025.
In addition, the Ministry of Finance proposed extending the regime of regional investment projects and the investment tax deduction for organizations that are to be included in the register on an indefinite basis.
The corporate income tax rate for IT companies in 2025–2027 may increase to 5%. Currently, a zero rate applies to this sector.
Earlier, www1.ru reported that Russians have recorded a surge in activity in the field of cryptocurrency. The total web traffic of Russian users on the websites of the largest cryptocurrency platforms in the reporting period increased by 16.4% compared to the II–III quarters of 2023, the Central Bank noted.
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