The Russian President approved a new economic decision that concerns one category of citizens.
Vladimir Putin signed a law that exempts some Russians from paying personal income tax (PIT).
The new decision applies to citizens who took out a housing loan before December 31 of this year.
The law exempts this category from paying personal income tax on material benefits while saving on interest. The document signed by the president is published on the website of legal acts.
The benefit applies to loans taken for the construction or purchase of housing or land. The effect also applies to cases where such a loan was refinanced.
To receive the benefit, two conditions must be met. First, the loan must be issued before 12/31/24.
Secondly, the citizen must have a right to a tax deduction for the construction or purchase of real estate, confirmed by experts.
In this case, a material benefit appears if the interest on the loan is less than two-thirds of the key rate of the Central Bank of the Russian Federation.
