MOSCOW: The Russian Government has approved the package of amendments for improvement of the fiscal system, the Cabinet’s press service said...
MOSCOW: The Russian Government has approved the package of amendments for improvement of the fiscal system, the Cabinet’s press service said.
"The package of draft laws presented by the Ministry of Finance, comprising amendments to the budget law for 2024 and the planned period of 2025 and 2026, and amendments to Internal Revenue and Budgetary Codes was reviewed and approved at the Cabinet meeting," the press service informed.
Draft documents will now be sent to the State Duma for consideration.
New features are to come into force from January 1, 2025. The tax rate differentiation depending on the income is among new features. The rate will remain 13% for citizens with incomes up to 2.4 mln rubles ($26,600) per year. The tax will be 15% for the annual income from 2.4 mln rubles to 5 mln rubles ($55,450), 18% for the income from 5 to 20 mln rubles ($221,700), and 22% when the income is above 50 mln rubles ($553,800) per year. The higher tax will be collected not from the whole amount but only from the surplus above relevant thresholds.
The corporate income tax will be increased from 20% to 25% but without the use of turnover-based charges, such as export duties pegged to the exchange rate.
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