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The law amending the Tax Code of the Russian Federation aimed at reforming the tax system has been signed

The law provides for amending the parameters of taxation of corporate and personal income.

The key amendments include:

- amendments to the conditions for applying the simplified tax system, including increasing the threshold values ​​for taxpayer performance indicators in order to expand the possibility of applying this tax regime;

- introduction of a five-stage progressive scale of personal income tax and increase in tax deductions:

  • 13 percents if the income is up to 2.4 million rubles per year, i.e. 200 thousand rubles per month;
  • 15 percents – from 2.4 to 5 million rubles per year. The exception will apply to workers in the regions of the Far North and equated localities. A rate of 15 percents will be applied to them if the amount exceeds 5 million per year;
  • 18 percents – ​​from 5 to 20 million rubles per year;
  • 20 percents – ​​from 20 to 50 million rubles per year;
  • 22 percents – ​​over 50 million rubles per year.

- amendments to the tax rate on corporate income tax to 25% with tax preferences for strategic economic branches;

- introduction of tourist tax;

- According to the simplified tax system:

  • for the purpose of applying the simplified tax, the income limit has been increased to 450 million rubles;
  • the VAT payment has been introduced if the income exceeds 60 million rubles per year. If exceeded, the VAT rate will be 5 percents (for income from 60 to 250 million rubles) or 7 percents (from 250 to 450 million rubles);
  • for the purpose of applying the simplified system, the average number of employees has been increased from 100 to 130 persons;
  • the threshold for the residual value of fixed assets has been increased from the current 150 to 200 million rubles, taking into account indexation by the deflator coefficient.

- the possibility of increasing tax rates on property tax and land tax in relation to expensive real estate objects and much more has been introduced.

Document: Federal Law dated 12.07.2024 No. 176-FZ "On amendments to parts one and two of the Tax Code of the Russian Federation, certain legislative acts of the Russian Federation and recognizing certain provisions of legislative acts of the Russian Federation as invalid".