Tax deductions application is planned to expand in Russia

Tatyana Aksyutina

By order of the President of the Russian Federation, the country's government has prepared a bill to support citizens' investment activity. It is proposed to expand the possibilities of using the tax deduction mechanism if the general fundamental condition is met - the investment period must be at least 10 years.

The new rules will apply to voluntary contributions to non-state pensions and contributions to the long-term savings program, which will be launched at the beginning of 2024. Citizens can also return part of the costs of purchasing securities.

Thanks to innovations, there will be more choices for increasing personal savings, noted Russian Prime Minister Mikhail Mishustin.

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