Several key changes to Russia's tax legislation came into force on Wednesday, according to reports.
Under the terms of the changes to Part II of the Tax Code, VAT rates will be reduced from 20% to 18%.
Excise duties levied on hydrocarbon raw materials are to be abolished, but the rates of taxation on the production of mineral resources for hydrocarbon raw materials will reportedly be increased.
In terms of individual taxation, from Wednesday the maximum size of the social tax deduction permitted to taxpayers was increased from 25,000 to 38,000 roubles, and the maximum allowable property tax deduction for expenditure on the construction or purchase of a house was increased to 1,000,000 roubles from 600,000.
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