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Pension contributions of employees will reduce income tax

The Ministry of Finance has prepared amendments to the Tax Code of the Russian Federation establishing tax incentives for employers in which employees participate in the guaranteed pension plan system. The relevant bill is published on the Single Portal.

Recall that yesterday the Ministry of Finance posted a bill for public discussion that defines the parameters of the new system of pension savings. This law provides citizens with the opportunity to conclude a pension agreement of a guaranteed pension plan with non-state pension funds and make voluntary contributions, including from their salaries.

Simultaneously with this law, the Ministry of Finance prepared amendments to the Tax Code of the Russian Federation, which allow employers withholding voluntary contributions  from their employees to additionally reduce the income tax base.

According to amendments to Article 265 of the Tax Code of the Russian Federation, such employers will be able to include in non-operating expenses an amount that is determined by producing a special coefficient for an amount of up to 6% of withheld pension contributions for each month.

In the first 6 years from the day the employee is included in the register of participants in the guaranteed pension plan, the special coefficient will be 0.03, and in subsequent years – 0.06.

The aggregate indicator calculated in this way for all employees cannot exceed 12% of the total amount of labor costs, excluding certain types of expenses.