MIL OSI Translation. Region: Russian Federation –
For citizens who are engaged in physical education and sports, they can introduce a personal income tax deduction. This initiative was considered by the government commission on legislative activity.
Changes to the Tax Code on behalf of the President of Russia were prepared by the Ministry of Finance. The deduction for health and fitness expenses is expected to add to the line of social tax deductions. They are provided to those who spend money on the purchase of drugs or treatment, pay for their studies, invest in non-state pension provision, voluntary pension insurance and life insurance, and do charity work. The deduction allows you to reduce the tax payment or return the personal income tax already paid during the year. In fact, it is a form of government participation in the co-financing of socially significant expenses of citizens.
It is planned to provide a “health-improving” tax deduction in the amount of actually incurred expenses, but not more than 120 thousand rubles for the tax period, taking into account other social deductions for personal income tax. The maximum deduction amount can be RUB 15.6 thousand. The list of organizations providing services, upon receipt of which it will be possible to claim a deduction, will be formed by the Ministry of Sports.
After revision, the bill will be submitted to the State Duma.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.