From May 21, Russia simplifies the procedure for obtaining tax deductions. The document signed by Russian President Vladimir Putin on April 20, posted on the official Internet portal of legal information.
Now Russians will not have to fill out a tax return and collect supporting documents in order to receive deductions for expenses for the purchase of housing or repayment of interest on mortgages, as well as for transactions recorded in an individual investment account. The Federal Tax Service (FTS) will receive all the necessary information from banks that can voluntarily join such an exchange.
In addition, the deadlines for checking the right to deductions and refunds are reduced – from four to one and a half months. Taxpayers will be able to draw up property and investment deductions for personal income tax through the FTS website, and track the process of obtaining a deduction – from the moment of signing a pre-filled application until the tax is refunded.
On April 4, the Ministry of Finance announced that the tax burden on Russians is extremely low, they pay almost the least in the world, and this situation has remained practically unchanged for many years. The department recalled the personal income tax rate from 13 to 15 percent, although in some countries it reaches 35 percent. The Ministry of Finance also pointed to many tax deductions that allow providing social support to citizens.
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source https://pledgetimes.com/tax-deduction-has-been-simplified-in-russia/
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