Putin signed a law on tax deductions for long-term savings of Russian citizens

President of Russian Federation Vladimir Putin approved the law on the introduction of personal income tax deductions for citizens who make long-term financial savings. The corresponding document was published on the official website of the government.

According to the innovations, tax deductions will be applied to the amount of contributions under non-state pension agreements upon reaching retirement age, to non-state pension agreements, as well as to investments in an individual investment account (IIA) opened from January 1, 2024, and income from operations on this account. The amount of tax deductions will not exceed 400 thousand rubles annually.

To receive a deduction, it is necessary that long-term savings agreements and maintaining an individual investment account be valid for at least 10 years. There is also a transition period: the minimum period for receiving the deduction will be five years at the conclusion of the contract in 2024, six years in 2027, seven years in 2028, eight years in 2029 and nine years in 2030. The law also preserves existing personal income tax deductions for individual investment accounts created before December 31, 2023.

Earlier, according to Bloomberg, it became known that due to fears of American sanctions, all Indian oil refineries, both private and public, refuse to accept Russian oil, which is transported on tankers from Sovcomflot. More about this read the material Public News Service.

Message Putin signed a law on tax deductions for long-term savings of Russian citizens appeared first on Public news service.

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