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Budget and Tax Committee Member Nikita Chaplin noted that a tax on income from bank deposits applies to residents who earn income from deposits, with a key deadline of December 1, 2023, for reporting or payment in that period. The member emphasized that the income tax on bank deposits is determined using the highest lock rate established by the Central Bank of the Russian Federation. This linkage to the maximum rate ensures that the tax base reflects the most conservative view of money being tied up in deposits over the relevant period.

According to Chaplin, the Central Bank’s decision to raise the interest rate to 15 percent has a direct impact on how much income is considered taxable. He explained that the 15 percent rate is applied to up to one million rubles of deposit balance, forming the defined limit for tax purposes. As a result, individuals who receive more than 150 thousand rubles in deposit income during 2023 are obligated to pay the corresponding taxes before December 1, 2023. This framing highlights how the tax liability scales with higher levels of deposit-derived income, rather than applying uniformly across all savers. (Source: Committee briefing; Attribution: Budget and Tax Committee communications)

Chaplin further clarified that not all deposit products are subject to this tax. Specifically, deposits whose interest rates remain below the 15 percent threshold are exempt from the income tax, as are funds held in escrow accounts when the terms do not generate eligible income as defined under the current tax rules. This nuance helps explain why many ordinary savers may not experience tax changes year over year, while investors with higher-yield accounts must account for tax obligations tied to their deposit earnings. (Source: Policy notes; Attribution: Financial regulatory briefings)

Historically, the policy landscape in Russia has involved adjustments to baseline tax treatment that reflect broader macroeconomic aims. Former head of the Central Bank, Sergei Dubinin, commented on the bank’s rate move from 13 percent to 15 percent, signaling confidence in the regulator’s approach. He cautioned, however, that the rate increase would have only an indirect influence on exchange-rate fluctuations, suggesting that currency dynamics are shaped by a wider set of factors beyond a single rate adjustment. This context helps readers understand that tax changes tied to deposit income sit within a larger framework of monetary policy and exchange-rate management. (Source: Regulator commentary; Attribution: Central Bank policy discussions)

Additionally, the Russian Federations’ tax framework has long incorporated mechanisms to address remote or non-traditional work arrangements. There was a history of adjustments around what constitutes income for individuals working remotely, with uniform personal income tax considerations applying in certain remote-work contexts. This backdrop is pertinent as income from deposits intersects with broader personal income tax planning for residents who may receive earnings from multiple channels, including remote labor and investment income. (Source: Tax policy evolution notes; Attribution: National tax authorities)