Russia approves tax incentives for citizens and organizations due to coronavirus

The State Duma Committee exempted a number of Russians and organizations from paying personal income tax and insurance premiums

contributions and income tax of a number of citizens and organizations, including due to the coronavirus pandemic, writes RIA Novosti.

Deputy Finance Minister Alexei Sazanov explained at a committee meeting that income received by Russians within the framework of incentive measures for vaccination. In addition, funds are exempted from personal income tax in connection with the implementation of gasification.

Owners of small and medium-sized businesses and socially oriented non-profit organizations (NPOs) in 2021 will also have benefits: they may not pay income taxes within the framework of dealing with the consequences of the pandemic. From personal income tax and insurance premiums, the incomes of Russians were exempted within the same minimum wage (12,792 rubles), which they listed as state support in connection with the coronavirus pandemic. Personal income tax and income taxes were allowed not to pay to citizens and organizations that received money as a result of participation in competitions, contests and other events from NGOs that were established in accordance with presidential decrees.

Families with two or more children upon sale an old apartment and buying real estate to improve living conditions will not be able to pay personal income tax. The exemption will not apply to families with housing with a higher cadastral value than what is purchased in return.

Earlier, Russians were told that the tax on apartments in Russia is growing more slowly than real estate prices. The revision of the cadastral value of housing in most Russian regions occurs every three years. In Moscow, St. Petersburg and Sevastopol, it is possible every two years.

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