Sep 17, 2020
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The State Duma introduced a bill on the personal income tax rate of 15% for the rich

The Russian government has submitted to the State Duma a bill to raise the personal income tax rate to 15%. The innovation should affect those who have earned more than 5 million rubles in a year. The document was published in the electronic database of the lower house of parliament.

It is assumed that the law will take effect from January 1, 2021. The increased tax will only be levied on the amount that exceeds 5 million rubles. The income administration process will be highly automated and will not increase the administrative burden on taxpayers, and will not require the submission of an additional tax return to the tax authorities, the explanatory note to the document says.

Abolishing the flat scale of personal income tax was proposed by Russian President Vladimir Putin. The money that will be received from the tax increase will go to the treatment of seriously ill children. According to Finance Minister Anton Siluanov, no more than 1% of all working citizens will be subject to increased taxation. Due to this, the treasury will receive about 60 billion rubles, wrote.

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