Jan 15, 2024 2 min read

Russia revises insurance premium, minimum wage, payroll reports, tax withheld period, notification, and payment due dates

Changes in threshold for insurance premium

The social security premium is calculated at 30% until the income reaches the established threshold. After that the premium is reduced to 15.1%. Effective from January 1, 2024, the threshold is established at RUB 2,225,000 as per Government Decree No. 1883 issued on 10th November 2023.

The threshold is applicable for pension insurance, medical care, and social insurance. The contribution for occupation and accident insurance is made on the entire amount of taxable income.

Changes in minimum wage

Effective 1 January 2024, the minimum wage has been increased to RUB 19,242 per month, as per Federal Law No. 548-FZ of 27 November 2023.

New retention periods for tax withheld, notifications and payment

Previously, the tax was withheld from the 23rd day of the previous month to the 22nd day of the current month. Now, the personal income tax will have to be withheld twice a month.

Paragraph 6 of Article 226 of the Tax Code of the Russian Federation has been amended in this regard.

The retention periods and respective deadlines effective from 1 January 2024 are as followsꓽ

Tax withheld periodDeadline of notificationDeadline of payment
1st to 22nd of current month25th of current month28th of current month
23rd to 30th or 31st of the current month3rd of next month5th of next month

For retention period “23rd December to 31st December”, the notification & payment are required to be made by the last working day of the year.

Penalties will be charged for violation of payment deadlines in 2024 since the 2023 moratorium is no longer in effect.

Changes in payroll reports

Please contact your Mercans’ services delivery team for any additional information regarding the implications of the above change

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