21 June 2003 12:44
Russian MPs pass new personal tax legislation
The State Duma today passed several important economic bills. Deputies voted in favour of abolishing tax control over
an individual's expenditure on all transactions, and increased the amount deemed to be tax-free for the
construction of housing or the purchase of a flat.
Under this law, property tax deductions are being increased from R600,000 to R1m in respect of income tax payable by
individuals. This deduction is made from expenses that have actually been incurred, as well as from sums used to settle
interest accruing from mortgages taken out for these purposes.
All these laws have now been sent to the Federation Council for consideration.
[During discussion of tax controls on private expenditure, First Deputy Finance Minister Sergey Shatalov told MPs
that the abolition of those controls would not prevent the tax authorities from monitoring those individuals whose
spending exceeded their declared income, according to a report by Russian news agency ITAR-TASS, Moscow, in English 1050
gmt 21 Jun 03.]
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