Russia Lower House Passes Bill to Provide Tax Deduction for Contributions to Long-Term Savings Program

The Russian Ministry of Finance Nov. 7 announced that the lower house of parliament (State Duma) passed a bill to provide tax deductions for contributions to the Long-Term Savings Program (LTS). The bill includes measures to: 1) introduce annual personal income tax deductions of up to 400,000 rubles (US$4,354), starting from Jan. 1, 2024, for long-term savings, covering pension and savings contributions, and individual investment account (IIA) contributions; 2) provide a tax deduction for profits from transactions on IIAs opened after Jan. 1, 2024; 3) require a minimum 10-year investment commitment for citizens to qualify for these deductions; 4) introduce ...