State Duma proposes to exempt Russians from deposit tax in 2023

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Deputy head of the LDPR fraction Yaroslav Nilov on the telegraph channel reportedThat the Liberal Democrat Party has sent a proposal to the government to extend for this year a norm that exempts citizens from paying taxes on interest on deposits.

“We propose to amend the Tax Code of the Russian Federation to expand the norm that exempts citizens from 13% tax on income from bank deposits. <…>“, – said Nilov.

30 December 2022 Izvestia newspaper referring to the Ministry of Finance knowledgeableAccording to the results of 2023, for the first time the Russians will have to pay a new tax – the tax on interest on deposits. Citizens will have to pay the corresponding fee until December 2024. 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 tax rate will be 13 percent. The tax-free amount is 1 million rubles multiplied by the maximum value of the key rate for the whole of 2023” – registered In the press service of the Ministry of Finance.

According to market participants, citizens will not pay taxes in the amount of 75 thousand rubles if the key rate is at the level of 7.5% per annum.

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