Enhanced Housing and Consumer Spending, Stiffer Penalties for Drug Trafficking: Anticipated Adjustments in Russia Starting July 1
In a series of reforms coming into effect from July 1, Russia is set to see changes in various sectors, including education, finance, and business.
**School Uniforms Standardized**
One of the most significant changes is the introduction of GOST standards for school uniforms, effective from July 1. This move aims to standardize and improve the quality of school uniforms, ensuring an aesthetic, secular presentation and comfortable design for prolonged school hours. The new standards also recommend the inclusion of state and patriotic symbols, fostering a sense of national identity and unity among students.
**Manufacturers Adapt to New Regulations**
For the uniform manufacturing industry, these changes represent a departure from the voluntary approach to GOST compliance, with the new regulations making it mandatory for school uniforms. Manufacturers will need to adapt their production processes to meet the strict requirements, which could potentially increase costs in the short term. However, the standardization may level the playing field, leading to increased competition on quality and price, benefiting consumers and schools.
**Financial Changes Affect Citizens**
Citizens can open a social account or deposit from July 1, guaranteeing the highest interest rates on accrued income. However, those receiving social support, whose data is in the EISS, can only have one such account. The deadline for paying income tax calculated in the 2024 3-NDFL declaration is July 15.
In addition, a law comes into force that includes the period of work in Ukraine from 1991 to the start of the SVO in the insurance history of Russian citizens for pension calculation. The fixed part of the insurance pension for individuals who have reached 80 years of age or are first-group disabled will be doubled.
**Criminal Liability Expanded**
From July 5, criminal liability for the illegal establishment of legal entities and the illegal use of documents for this purpose will also apply to violations in the registration of individual entrepreneurs. The Criminal Code will introduce new offenses for those cashing out money obtained through fraudulent means. Strengthening criminal liability for inciting hatred and discrimination also starts on July 5.
**Other Notable Changes**
From July 1, 136 federal acts will come into effect, affecting various sectors. These include housing, insurance, the social sphere, business, banking, taxation, and others. The volume of mortgage lending by banks will be limited. Operations with digital rubles will fall under "anti-money laundering" control starting from an unspecified date. The deadline for individual entrepreneurs to pay insurance contributions is July 1. The deadline for submitting applications for budgetary places in bachelor's and specialist programs is July 25. Banks will be prohibited from charging a fee for setting a reduced interest rate on mortgage loans.
These changes represent a significant shift in various sectors of Russian society, with implications for both citizens and businesses. As these reforms unfold, it will be interesting to see how they impact the daily lives of Russians and the overall economy.
- In the financial sector, citizens can now open a social account from July 1, offering higher interest rates on accrued income, although those receiving social support may only have one such account.
- The new regulations in the financial sector from July 1 also involve changes in taxation, with the deadline for paying income tax calculated in the 2024 3-NDFL declaration being July 15.
