Russian President Vladimir Putin has signed into law a bill raising income tax on yearly incomes exceeding 5 million rubles ($65,900) to 15 percent from the current 13 percent from 2021, the document was published on the official legal information portal
MOSCOW (Pakistan Point News / Sputnik - 23rd November, 2020) Russian President Vladimir Putin has signed into law a bill raising income tax on yearly incomes exceeding 5 million rubles ($65,900) to 15 percent from the current 13 percent from 2021, the document was published on the official legal information portal.
Putin put forward the initiative to abandon the flat rate and raise the income tax on the high incomes back in June.
The new legislation envisions some exemptions. For instance, the increased income tax will not apply to income from personal property sales (except for securities) and insurance payments under insurance and pension contracts.
The additional budget revenues in the amount of 190 billion rubles, which are expected to be obtained from 2021-2023 due to the income tax increase, will be spent on treatment of children with orphan diseases.
