Russian Federal Tax Service (FTS) is ready to provide automatic tax deductions | News -

Russian Federal Tax Service (FTS) is ready to provide automatic tax deductions

From July 2021, FTS is expected to switch to the automatic provision of certain types of tax deductions for individuals:

•    on property - on the cost of purchasing housing and paying off interests on targeted loans;
•    on investment - for transactions that go through an individual investment account.

Currently, receiving tax deductions takes 4 months, of which 3 are spent on checking documents and 1 on refunding. The new model is expected to shorten this period to 1.5 months.
FTS will be able to automatically check the taxpayer's right to deduction, while an individual will no longer need to fill out a tax return (3-NDFL) and submit supporting documents.

It will be possible for individuals to apply for deduction and track the process online on the FTS’s website in the taxpayer’s personal account.
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