The Ministry of Finance will hold a meeting in a hybrid format on May 29 to discuss the draft tax and customs policy for 2024.
All interested parties can take part in the discussions by registering at https://bit.ly/42YLbSw, while proposals for the bill can be submitted to the Ministry of Finance until June 5. The bill provides for an expansion of the range of tax incentives offered to employers to support employees, as well as granting the right to deduct expenses incurred in their favor (for the purchase of sports tickets, for gifts in kind, for employee training, etc.). The categories of deductions for individuals provided in determining income tax will expand: expenses for contributions to facultative health insurance, payments on mortgage loans when buying a first home, etc.). It is planned to unify the income tax rates withheld from investment and financial income of individuals, setting them at 6%. The practice of setting excise rates for a 3-year period (2024-2026) will continue to ensure predictability for the business environment and budget revenue forecasting. Thus, excisable goods, including tobacco products, cider, some petroleum products, are planned to be increased by 7% annually in the next 3 years, with the exception of certain categories of goods, for example, liquefied gas, fuel oil, beer or alcohol. At the same time, from 2024, the list of excisable goods may be revised - it is proposed to exclude caviar, furs, perfumes and toilet water from this category. The bill provides for a change in the tax regime applicable to passenger cars by imposing VAT on a general basis, starting from January 1, 2025, with a gradual reduction in the excise duty rate. It is also planned to increase the limit of the customs value of luxury cars, which are subject to increased excise duty. The developed bill is aimed at attracting and retaining skilled labor, at reducing envelope wages, and at simplifying the mechanisms for calculating and paying taxes. In addition, the project is designed to ensure the harmonization of national legislation with the European one, strengthen state budget revenues, and create favorable conditions for business development. // 26.05.2023 — InfoMarket.
