Personal income tax: tax relief and allowances.

Tax relief and a number of allowances are available to reduce an individual's tax liability, the most important allowances being:

- pensions, compensation for industrial accident or injury or other health problems, if such payments are established by law;
- income gained by the stockholder of a company as a result of increasing the value of his stock (or shares) or as a result of acquiring additional stocks (or shares) distributed by a company to its stockholders proportionally to the number of a stocks owned (value of a share);
- interest on state bonds and obligations;
- interest on money deposited in banks where it does not exceed three-quarters of the Central Bank rate for rouble accounts and 9 per cent for foreign curren