12.07.2024, 17:14
Putin signed a law on raising income tax
Source: OREANDA-NEWS
OREANDA-NEWS Russian President Vladimir Putin has signed a law providing, in particular, for an increase in corporate income tax from 2025 to 25% from 20%. The relevant document is posted on the website of the official publication of legal acts.
The Law amends the Tax Code in order to improve the tax system of the Russian Federation. Among other things, the federal portion of income tax will be increased to 8% from 3% starting next year. The regional part remains at the level of 17%. From 2031, the regional part of the tax rate will increase to 18% by reducing its federal part to 7%. At the same time, the so-called "grandfather clause" remains in place, protecting investors from changes in tax legislation.
At the same time, a federal investment deduction is being introduced – it will allow reducing the amount of income tax in the federal part on capital expenditures made within the framework of investment projects, the requirements for which will be established by the government. It will also establish the categories of persons entitled to the deduction; the objects to which it applies; as well as the conditions and procedure for determining its size.
At the same time, foreign organizations - tax residents of the Russian Federation; organizations participating in agreements on the protection and promotion of investments; credit organizations; organizations producing ethyl alcohol, alcohol-containing, alcoholic products, beer and sugar–containing beverages will not be able to apply the deduction.
In addition, when calculating income tax, the increasing coefficient for R&D expenses increases from 1.5 to 2. For Russian IT organizations in 2025-2030, the federal part of the income tax is set at 5%. The increased coefficient 2 can also be applied to expenses for the rights to use Russian computer programs, which will allow companies to reduce the amount of profit tax. And in 2025-2030, the regions will be able to set a reduced income tax rate for small technology companies credited to their budgets.
An amnesty is provided for taxpayers who voluntarily abandoned business fragmentation schemes in 2025-2026: taxes, penalties and fines unpaid as a result of fragmentation will not be collected for 2022-2024. And the unified insurance premium rate for SMEs in manufacturing industries is reduced from 15% to 7.6%. A reduced tariff of 7.6% is also set for centralized religious organizations and religious organizations included in their structure. We are talking about monasteries and parishes of the Russian Orthodox Church, as well as other organizations of traditional religious denominations.
The Law amends the Tax Code in order to improve the tax system of the Russian Federation. Among other things, the federal portion of income tax will be increased to 8% from 3% starting next year. The regional part remains at the level of 17%. From 2031, the regional part of the tax rate will increase to 18% by reducing its federal part to 7%. At the same time, the so-called "grandfather clause" remains in place, protecting investors from changes in tax legislation.
At the same time, a federal investment deduction is being introduced – it will allow reducing the amount of income tax in the federal part on capital expenditures made within the framework of investment projects, the requirements for which will be established by the government. It will also establish the categories of persons entitled to the deduction; the objects to which it applies; as well as the conditions and procedure for determining its size.
At the same time, foreign organizations - tax residents of the Russian Federation; organizations participating in agreements on the protection and promotion of investments; credit organizations; organizations producing ethyl alcohol, alcohol-containing, alcoholic products, beer and sugar–containing beverages will not be able to apply the deduction.
In addition, when calculating income tax, the increasing coefficient for R&D expenses increases from 1.5 to 2. For Russian IT organizations in 2025-2030, the federal part of the income tax is set at 5%. The increased coefficient 2 can also be applied to expenses for the rights to use Russian computer programs, which will allow companies to reduce the amount of profit tax. And in 2025-2030, the regions will be able to set a reduced income tax rate for small technology companies credited to their budgets.
An amnesty is provided for taxpayers who voluntarily abandoned business fragmentation schemes in 2025-2026: taxes, penalties and fines unpaid as a result of fragmentation will not be collected for 2022-2024. And the unified insurance premium rate for SMEs in manufacturing industries is reduced from 15% to 7.6%. A reduced tariff of 7.6% is also set for centralized religious organizations and religious organizations included in their structure. We are talking about monasteries and parishes of the Russian Orthodox Church, as well as other organizations of traditional religious denominations.
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