In an audacious move, Russian President Vladimir Putin has mandated the introduction of several novel tax deduction initiatives, as detailed in a list of directives emanating from the presidential address to the Federal Assembly. This comprehensive list was published on the Kremlin’s official website.
The forthcoming changes represent a significant stride towards bolstering familial support, particularly for those with offspring. From the year 2025, families are set to benefit from a standard tax deduction of 2,800 rubles for a second child, and a substantial 6,000 rubles for the third child and any subsequent children. Remarkably, these deductions will be accorded automatically, obviating the need for Russian citizens to lodge any applications.
Moreover, commencing next year, tax deductions will also extend to individuals proactive about their well-being – those who undergo medical check-ups and meet the standards of the Ready for Labour and Defence (GTO) physical health norms.
The implementation of a mechanism designed to seamlessly transition taxpayers who are currently on a simplified tax system to the general taxation regime is set to kick off on the 1st of January, 2025.
All the aforementioned regulations are slated for enactment by the 31st of July, 2024, with Prime Minister Mikhail Mishustin bearing the mantle of responsibility for the execution of this task.
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