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The State Duma Committee approved amendments to improve the tax system – Rossiyskaya Gazeta

Date: July 23, 2024 Time: 03:09:03

State Duma Chairman Vyacheslav Volodin announced after a meeting of the State Duma Council that a package of bills aimed at improving the tax system will be considered that day.

It is important that, while increasing taxes for people with high incomes, the authorities at the same time reduce them for families with children who need it, through the mechanism of deductions and payment of family tax, recalled the head of the Ministry of Finance, Anton Siluanov. According to the department’s calculations, the tax changes will affect 2 million people out of 64 million workers with incomes exceeding 2.4 million rubles per year.

As RG previously wrote, the modifications introduced by the Cabinet of Ministers to the Tax Code provide:

– for income from 2.4 to 5 million rubles, personal income tax will be 15%, – from 5 to 20 million rubles – 18%, – from 20 to 50 million rubles – 20%, – more from 50 million rubles – 22%.

The rates will not be applied to the entire income, but to the part that exceeds the threshold. Therefore, the increase in the tax rate will affect the income of Russians by 200 thousand per month; This figure is obtained by dividing 2.4 million by 12 months.

For income less than 2.4 million rubles per year, the personal income tax rate will remain the same – 13%.

Regarding taxation of profits from deposits, securities, shares, dividends and income from the sale of real estate: for income up to 2.4 million rubles, the rate will remain at 13%, and if this is exceeded amount, it will be 15% without further progression.

The changes are scheduled to take effect on January 1, 2025.

The innovations will make the tax system more fair and balanced, and the new personal income tax rates will affect only 3% of the working population, Prime Minister Mikhail Mishustin previously indicated.

Today there is a basic rate of personal income tax (13 percent) and an increased rate (15 percent). The second option applies to people with an annual income of 5 million rubles.

One of the bills in the tax package would provide low-income families with two or more children with an annual tax payment. A bill on this topic was supported at a meeting of the State Duma Committee on Labor, Social Policy and Veterans Affairs, and the document is awaiting its first reading. The support will apply to citizens whose monthly income per family member is less than one and a half times the minimum wage. Each year, the State will compensate them with a part of the personal income tax paid: that is, the income tax rate at the request of adult family members will be reduced from 13 to 6 percent.

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Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.

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