Putin has approved incentives to employers paying employees in the

© RIA Novosti / Michael Clientgenerated in potomacfever Putin. Archival photoPutin has approved incentives to employers paying employees in the© RIA Novosti / Michael Clientgenerated the image Bank

Russian President Vladimir Putin signed a law that will allow employers when determining the tax base for income tax to account for costs incurred for payment of vacation packages in the Russian Federation for its employees and their family members within 50 thousand rubles, should be published on the portal of legal information of the document.

It refers to the expenses for services of tourism, sanatorium-resort treatment and rest on the territory of the Russian Federation for employees, their spouses, parents, children under the age of 18, and children under the age of 24 enrolled full-time in an educational institution. These costs will be taken into account in the amount of actually incurred costs of the tours, but not more than 50 thousand rubles in the aggregate for the year for each of these entities.

The costs of the employer for payment of services on the organization of tourism and recreation in Russia workers and members of their families, together with the costs under contracts of voluntary personal insurance and contracts for the provision of medical services should not exceed 6% of the cost of labor.

The law should come into force after one month from the day of its official publication, but not earlier than the first day of the next tax period for tax on profit of organizations.

The law is aimed at the development of domestic tourism in Russia, «in current circumstances,» government support for domestic tourism development is of particular relevance, especially for families with low income, explained to RIA Novosti earlier in April, a member of the Committee on budget and taxes of the state Duma Vladislav Reznik.