Increase of income tax rate

Jul, 07 2020

On June 23, Russian President Vladimir Putin addressed citizens and announced increase in the personal income tax rate to 15% starting January 2021.

Such increase will affect individuals whose total annual income exceeds five million rubles and only in the part that exceeds this amount.

For example, if a person’s annual income is 5,400,000 rubles, then 5,000,000 rubles will be taxed at the rate of 13%, and 400,000 rubles will be taxed at the rate of 15%.

It is planned that the additional budget funds, which are estimated at about 60 billion rubles, will be used for the treatment of children with “severe rare diseases”, for the purchase of expensive medicines, equipment and rehabilitation tools, as well as for high-tech surgeries.

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