In Russia, the tax on the income of citizens will increase

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The Russian government plans to launch a bill to increase the personal income tax rate to 15% on incomes of citizens over five million rubles a year. The law will enter into force on January 1, 2021. The information is published on the  website of  the State Duma database. 

This will lead to additional tax revenues of 60 billion rubles in 2021, 64 billion in 2022, 68.5 billion in 2023. At the same time, the funds have already been reserved during the formation of the draft federal budget for these years under the state program “Development of health care”, the government notes. 

“Tax revenues will be credited to the federal budget and in pursuance of the order of the President of the Russian Federation of July 8, 2020 Pr-1081 will be directed to the treatment of children with severe life-threatening and chronic diseases, including rare (orphan) diseases,” the Cabinet of Ministers said. 

Earlier, President Vladimir Putin proposed to abolish the flat personal income tax rate from January 1 next year and raise its rate from 13 percent to 15 percent for income in excess of five million rubles a year. He noted that the funds from the increase in personal income tax will be directed to the treatment of children. 

SOURCE : www.rumedia24.com