Putin instructed to create a "family savings instrument" with a deduction of up to 1 million rubles

Russian President Vladimir Putin has instructed the government and the Central Bank to create a family savings instrument with a tax deduction of up to 1 million rubles. The list of instructions based on the results of the December VTB forum "Russia Calling!" is published on the Kremlin website.

"Ensure the creation of a family savings instrument, defining the parameters of its use and providing for the provision of a tax deduction for personal income tax in the amount of up to 1 million rubles per year in respect of funds invested in savings," the text reads.

This order of the head of state should be executed by July 15.

Earlier, on December 4, 2024, Putin during the VTB forum "Russia Calling!" proposed to create a financial mechanism that would become a family savings instrument and allow all working family members to receive a tax deduction. After that, the Ministry of Finance announced the beginning of work with the Central Bank on the creation of a line of family investment instruments.