TASS · 2:38 PM — A new tax deduction for long-term savings will come into effect in Russia on September first, according to amendments to federal law number four hundred eighteen. The deduction will apply to insurance premiums paid under voluntary life insurance contracts signed from January first, two thousand twenty-five, with a limit of thirty million rubles for each contract. The tax deduction for contributions under long-term savings contracts will increase from four hundred thousand rubles to five hundred thousand rubles for each parent. The enhanced tax deduction will be available until the child reaches eighteen or twenty-four years of age if they are enrolled in full-time education.