According to the results of the upcoming 2023, Russians for the first time will have to pay a new tax – the interest tax on deposits. About this Izvestia reported at the Ministry of Finance.
The income tax on deposits was announced by President Vladimir Putin in March 2020. Later, the head of state said that such a practice exists in many countries. The additional income from this tax should be used to support those in need. Originally the collection was supposed to start coming to budget in 2021. However, in the spring of last year, citizens were exempted from this payment as a support measure due to the pandemic.
The Ministry of Finance stated that the Russians will have to pay the tax on interest income received in 2023 until December 2024. Fee calculation rules have also changed.
Previously, it was assumed that all income from deposits, the total amount of which exceeds 1 million rubles, will be subject to personal income tax. For example, a person has three deposits for 700 thousand, 150 thousand and 320 thousand rubles. They have different rates, but in total they exceed 1 million rubles – therefore they are taxed. At the end of the year, the owner of these three deposits received from them an income of 106 thousand rubles – they initially wanted to collect 13% of this amount.
Now the approach has changed – only the amount of income received is taken into account, not the amount of deposits. That is, a citizen may have less than 1 million rubles in deposit, but the fee will still have to be paid to the state. At the same time, there is a tax-free amount, depending on the size of the Central Bank’s key rate. If in 2023 it remains at or below 7.5% (and economists’ forecasts indicate that the regulator will continue to reduce the rate next year), then the tax-free amount will be 75 thousand rubles. If the Central Bank interest rate rises, the share of tax-protected income will also increase.
So, if in 2023 a Russian receives 106,000 rubles on deposit interest, he will have to pay personal income tax for only 31,000 rubles (106 – 75 = 31), while maintaining the current conditions.
At the same time, it does not matter exactly when the deposit was made – it is important when income was received from it. If a person made contributions for one year at the end of January 2022, they will receive interest at the end of January 2023 and will have to pay personal income tax on them. Not only classic time deposits are taken into account, but also savings, cards and other accounts. The only exceptions would be escrow accounts and deposits with a rate of return not exceeding 1%.
Another important point: the new tax does not make an exception for low-income categories of citizens – pensioners, disabled people and families with many children will also have to pay 13% of their income as deposits. Not only ruble deposits will be taken into account, but also foreign currency deposits – the amount of income on them will be converted into rubles at the rate of the Central Bank on the day of interest.
Russian banks emphasized that Russians will not have to independently calculate the amount of tax that they will have to pay. Banks will provide all the information to the Federal Tax Service, and the tax service will do the calculation. Credit institutions will not disclose the amount of the deposit, but will only transfer information about the income received from it to the tax authorities.
The citizen will be able to see the amount of fees in the taxpayer’s personal account on the website of the Federal Tax Service – it will appear there approximately in February 2024.