Soon, taxpayers who have a personal account on the FTS website will be able to receive deductions twice as fast and without sending a 3-NDFL declaration and a package of supporting documents. The simplified receipt of the deduction will stimulate the construction of individual houses, the government expects. Currently, the State Duma is discussing the increase in the amount limits for this deduction. Details – in the material “Izvestia”.
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New tax deductions will be regulated by Federal Law No. 100-FZ “On Amendments to Parts One and Two of the Tax Code of the Russian Federation.” It will come into force on January 1, 2022. Those who have executed a deal starting from January 1 of last year will be able to receive a deduction. It is provided starting from the tax period (calendar year) when the property was purchased.
Photo: RIA Novosti / Vladimir Novikov
Such tax deductions can be processed automatically, without collecting documents and without visiting the tax office. They will affect all Russian citizens who purchase or build real estate, and also have individual investment accounts. With regard to real estate, the maximum deduction amount is 2 million rubles if the transaction was without a mortgage, and 3 million rubles in the case of a mortgage (the current tax code provides for the owner’s right to receive a tax deduction of 13% of the value of the property).
A deduction can be obtained from the costs of both building a house and purchasing a land plot. Of course, everything must be documented. For example, if we are talking about the construction of a house, then you will need to provide an agreement with a contractor, payment documents for the purchase of building materials.
Only numbers
The reason for the interest of the state in this process, along with the possibility of providing the population with affordable housing, is the even greater digitalization of public services. During a pandemic, this is especially true, since it allows citizens to visit public places less. However, the main goal of introducing deductions is to achieve the indicators established by the Housing and Urban Environment national project (which now also take into account individual construction).
“This is a fairly common type of deduction,” says Nikolai Alekseenko, co-chairman of the Delovaya Rossiya construction committee. – The maximum can be returned 260 thousand rubles when buying without a mortgage, and 390 thousand rubles – with a mortgage. For their sake, people are ready to spend time and collect the necessary documents. In addition, the State Duma is now discussing the increase in the limits of amounts for deduction. The focus on this tool may increase even more.
Photo: RIA Novosti / Sergey Pyatakov
In general, these tax deductions are a logical continuation of the trend towards digitalization of public services and the transfer of procedures for interaction between government agencies and the population into electronic form. Indeed, now, on average, it takes an ordinary taxpayer from several days to a month to collect documents, fill out and submit a declaration, plus up to four months are required by the Federal Tax Service to verify documents and make a refund. The simplified procedure for filing an application without providing supporting documents will significantly speed up the procedure for consideration and return – up to two months, the government expects. In addition, this will minimize the number of refusals from the tax authority to provide a deduction, which is largely related to the incorrect preparation of the application documentation.
What’s inside
– But there are also disadvantages to this innovation. The main thing is that it is possible to use the simplified procedure only from January next year, ”noted Dmitry Panov, the district coordinator of Delovaya Rossiya in the North-West Federal District.
Also, the possible disadvantages of the new tax deduction, according to Ilya Tsypkin, senior analyst of the regional ratings group, include the maximum amount of the deduction, which is not differentiated by region. In different subjects, the cost of land, as well as the cost of building a residential building and other related costs may vary significantly, while the maximum amount from which the deduction is considered does not change, he notes. This is how a situation arises when in some entities with a low cost of housing construction costs, the tax deduction plays a more significant role than in entities with a high cost of similar expenses.
Photo: Izvestia / Pavel Volkov
“This is especially true for Moscow and the region, some other cities with a population of over one million and certain territories of the Republic of Crimea and Krasnodar Territory,” says Tsypkin. – Perhaps it is worth tying the maximum amount for which a tax deduction is due to the volume of expenses in a particular subject, which will allow residents of regions with high costs for building a house and acquiring land to compensate for a more significant part of the costs.
According to the associate professor of the Department of Accounting and Taxation of the PRUE. G.V. Plekhanov Ravil Akhmadeev, with this innovation, the state shifts the obligation to confirm the property deduction to tax agents, in particular, banks.
“Therefore, if for some reason such information is not provided in a timely manner, then the tax deduction will not be provided online,” Akhmadeev says. – Tax agents and banks will face fines if they submit false information to the inspectorate while obtaining an investment or property deduction in a simplified manner. The amount of the sanction depends on the amount of personal income tax, unduly returned to the individual.
According to the expert, there will be no fine if the tax agent or the bank itself corrects the information until the moment when it learns that the inspection has found inaccurate information.
In addition, the simplified procedure for obtaining deductions is associated with the development of financial control by the state and the improvement of tax administration. The latter includes cash registers with the transfer of cash transactions through the OFD tax office and banks as participants in information interaction with the Federal Tax Service, adds Maria Petrovskaya, head of the accounting department of the economic department of the RUDN University.
How it works
Only taxpayers who have a personal account on the FTS website will be able to receive a deduction twice as fast and without the need to send a 3-NDFL declaration and a package of supporting documents. Cameral inspection will be carried out for one month instead of three, and the money will be returned within 15 days instead of the usual month. Also, 10 working days must be added to the month for the transfer of funds in case of a positive decision on the deduction.
Photo: RIA Novosti / Vladimir Novikov
When receiving a deduction from construction costs, you must attach an agreement with a contractor, payment documents for the purchase of building materials, advises the managing partner of Metrium, Maria Litinetskaya.
As Izvestia previously reported, in the first quarter of 2021 alone, the demand for the purchase of land plots in Russia increased 1.4 times and by 16% in annual terms. Analysts of “Avito Real Estate” inform about it. Contrary to the off-season period, buyers were in demand for land in garden non-profit partnerships (SNT) and dacha non-profit partnerships (DNP) – +1.5 times per quarter and + 20% per year. Plots for individual housing construction (IZHS) were also in demand – +1.4 times per quarter and + 15% per year, the company said.