the Tax deduction is the amount that reduces the tax base, in fact – a return of previously paid income tax. The deduction allows you to pay less tax or to return the already paid during the tax year. Thus, the deduction on personal income tax can claim those who pay it. A tax deduction means the return of the 13% of the amount of expenditures required by law.
Now in the Tax code there are five social tax deductions for personal income tax, expenses for charity, education, medical treatment and purchase of medicines, non-state pension provision, voluntary pension insurance and voluntary life insurance, and the costs of the funded part of labor pension. Total expenditure in these areas, for which you can receive the deduction is 120 000 roubles (thus, the maximum social deduction can in principle reach 15 600 rubles – 13% of this amount).
“the Proposed social tax deduction (for sports – “RG”) will be provided in the amount of actual expenses incurred, but not more than 120 000 rubles for the tax period for personal income tax, in conjunction with other relevant social tax deductions established by the Tax code of the Russian Federation”, – told “RG” in the press service of the Ministry of Finance. The Ministry added that the bill is about the provision the deduction is now under consideration of the government.
the Finance Ministry said that while the bill is a companion. “First, you need to make changes to the law on physical culture and sports in Russia, which would define the term “physical health services”, – emphasized in the Ministry. In General, the deduction will be to help increase the number of citizens engaged in physical culture in special conditions, believe in the Ministry of Finance.
Earlier, Minister of sport Oleg Matytsin said that the tax deduction for sports activities will be included in the legislation before the end of the year. He said that the Department has developed amendments to the Federal law “On physical culture and sports”, where it is planned to consolidate the definition of fitness services.