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The State Tax Service has published a draft law for public comment, which proposes a temporary reduction in the tax rate for early withdrawals from professional development funds.
Funds accumulated in professional development funds are exempt from taxation only if they are withdrawn no earlier than six years from the date of the fund’s establishment (for retirees – no earlier than three years).
Early withdrawal of funds results in their inclusion in income and taxation according to the income of the fund’s owner.
According to the tax service’s proposal, until December 31, 2024, early withdrawals from the fund will be subject to a single rate of 15% (7.5% for retirees), which will decrease according to a specific formula as the tax exemption date for the fund approaches.
Source: newsru
