Putin instructed to introduce a tax deduction for life insurance

Russian President Vladimir Putin instructed the government and the Central Bank of the Russian Federation to legislate a tax deduction for funds spent on life insurance following the VTB investment forum "Russia Calling!". This was reported on the Kremlin website on January 16.

"[Legislatively ensure] the provision of a tax deduction for personal income tax in respect of the amounts paid by them under equity life insurance contracts," the statement reads.

Earlier, on December 4, Putin proposed to work out a mechanism for a tax deduction for all family members for shared life insurance. As the head of state said during the VTB forum "Russia Calling!", such a regulatory tool will increase the interest of potential investors to work together with the state.

The news is supplemented by