The following forms of income are exempt from income tax:
- Income from the sale of real estate and other assets that have been held for at least 3 years, 5 years when bought after January 1, 2016.
- Income from interest that is received by an individual on deposits with a Russian bank, subject to certain conditions.
- Severance pay.
- Receipts from a pension and benefits from insurance plans.
Tax Relief in Russia
- All forms of tax relief in Russia refer to the income of an individual.
- Most relief is given in the form of a deduction from taxable income.
- The following amounts are subject to the definitions in law.
|Individual Relief||Amount - RUR|
|Contributions to recognized institutions
Education for children- up to RUB 50,000 per child.
|Up to 25% of taxable income.|
|Dependent family members.||RUB 1,400 per month for first or second child.|
|Employer's contribution to a pension fund.||Exempt from tax up to an annual limit.|
|Medical expenses.||Allowable to a limit of RUR 50,000 a year.|
|Real estate purchase/mortgage interest.
Interest- up tp RUB 3 million.
|Deduction of up to RUR 2 million. (once in a lifetime).|
Note: The information in this site is for general guidance only. Users of this site are advised to take professional advice before taking practical tax decisions.
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