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Putin signed a law on simplified receipt of tax deductions

Putin signed a law on simplified receipt of tax deductions
Photo: pixabay.com

Vladimir Putin signed a law on amendments to the Tax Code to simplify the receipt of tax deductions. The law makes it possible not to provide a 3-NDFL declaration and supporting documents.

The document was published on the portal of legal information. The simplified procedure for obtaining a tax deduction will start working on January 1, 2022. Simplification of the procedure concerns deductions for expenses on the acquisition of real estate, repayment of interest on loans and transactions on an individual investment account.

The law also prescribes sanctions for banks for providing incorrect information for simplified processing of deductions. The financial institution will have to pay a fine - it will be 20% of the amount of the illegally received deduction.

Along with a simplified procedure for granting a deduction the previous one will be available, through filing 3-NDFL.

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