MPs propose to give a tax deduction when buying a car

So says a group of deputies of the State Duma from “Fair Russia”. They prepared and introduced colleagues a bill to amend article 220 of the Tax code of the Russian Federation.

Photo: Sergey Kuksin/RG FNS presented “tax calculator” for business

the Tax deduction is a return of a part paid by the employee personal income tax when making certain major purchases or payment of medical and educational services. In the case of cars, the deputies propose to grant the property tax deduction for tax on income of physical persons when buying for personal and family needs of the car. The size of the deduction may not exceed 10% or 100 thousand rubles. Accordingly, the value of the purchased car cannot be more than a million rubles. The deduction will be provided only if the purchase of domestic cars.

As noted in the explanatory Memorandum, proposed bill measures will help to stimulate demand for domestic cars and will contribute to the further development of the market of passenger cars of Russian production in the country. Besides, the bill has important social value because it allows you to keep a portion invested in the purchase of a car public funds.