Russian Authorities Proposed Introduction of Tax Deduction for Sportsmen

The Government Commission on Drafting Legislative Activities has considered the amendments that relate to the tax deduction for the costs of sports and recreation services. A similar proposal was made by the Russian Ministry of Finance, Interfax reports. 

Currently, social tax deductions are provided to those who spend money on buying medicines, pay for education, invest in private pensions, voluntary pension insurance, and life insurance. Such measures are proposed to be also introduced for those involved in physical education and sports. It is specified that the “health improvement” tax deduction is planned to be provided in the amount of actual expenses incurred, which should not exceed 120,000 rubles for the tax period, taking into account other social deductions for personal income tax.

Ru-Main, 21.10.2020 

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