Putin signs law on tax incentives for long-term savings of Russians

On November 17, Russian President Vladimir Putin approved a law on expanding tax incentives for long-term savings programs.

According to the document, the family tax deduction has been increased to 1 million rubles for parents participating in savings programs.

The new rules provide for an increase in the tax deduction from 400 to 500 thousand rubles for each parent. The total amount of benefits for a family can reach 1 million rubles annually, subject to the conclusion of a long-term savings agreement. The deduction is valid until the child reaches the age of majority or until the age of 24 in full-time education.

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