The State Duma reviewed in the first reading a government bill that would extend personal income tax deductions to savings-related contributions. RIA News reported on the development.
According to materials from Russia’s lower house, deductions would apply to contributions made to non-state pension funds and individual investment accounts (IIAs) for a span of ten years or longer. The plan would enable taxpayers to reclaim up to 400,000 rubles per year in pension contributions, provided certain conditions are met. The existing deduction regime for IIAs, which had provisions valid through 2023, would remain in place alongside these new measures.
Additionally, the proposal would phase out deductions for income derived from the sale of foreign securities, with the exception of securities registered within the EAEU. Previously, a deduction of up to 9 million rubles was available for holdings exceeding three years.
Earlier, the government proposed introducing a new category of securities that would carry multiple voting rights. As Deputy Prime Minister Andrei Belousov explained, the key distinction from ordinary voting shares would be that holders of these multi-vote securities would receive several votes at general meetings, rather than a single vote each.
Economists had previously commented on Russia’s hopes to expand its influence or presence in Western markets through such reforms.