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Economy/Business
23 November 2020, 20:57

Putin raised tax for individuals whose incomes exceed 5 million rubles a year

Russian President Vladimir Putin has signed a law raising the personal income tax (PIT) rate from 13% to 15%. The document was published on Monday on the official website of legal information.
The innovation in tax legislation will affect only those whose incomes exceed 5 million rubles a year. Its main goal is to create an additional funding source to treat children with severe life-threatening and chronic diseases, including rare (orphan) ones.
As calculated by TASS, an increase in the tax rate will lead to additional tax receipts of 60 billion rubles in 2021, 64 billion rubles in 2022, and 68.5 billion rubles in 2023. These funds have already been reserved to form the draft federal budget for 2021 and the planning period 2022-2023 under the state program "Healthcare Development".
The law specifies that the tax rate of 13% is retained for the income of individuals (tax residents of the Russian Federation) from the sale of property and shares in it, income in the form of the property cost received as a gift, as well as taxable income received by citizens in the form of insurance payments under insurance contracts and payments for pension benefits. Securities are not included.
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