Russia MOF Announces Government Approval of Amendments to Increase Tax Deduction for Family Savings Instruments

The Russian Ministry of Finance Oct. 10 announced the government approval of amendments to the Tax Code to increase the tax deduction for family savings instruments. The announcement includes measures to: 1) increase, to 500,000 Russian rubles (US$6,208) per parent from 400,000 rubles (US$4,966) per parent, the single tax deduction for contributions under long-term savings agreements, applicable in cases where the excess of the standard deduction is due to contributions for their children; 2) provide the deduction for each tax period throughout an agreement’s term for long-term savings products; 3) provide the increased tax deduction for family savings instruments until ...