The Federal Tax Service (FTS) sends tax notices to Russians on interest income from bank deposits. Information about this began to appear in taxpayers’ personal accounts, it writes RBC.
The Federal Tax Service notifications indicate the banks in which the deposits were opened, the amount of accrued interest, the taxable base (calculated as the full amount minus 150 thousand rubles non-taxable) and the final tax amount.
In Russia, income tax on deposits has been in place since 2021, but its payment has been postponed several times. The tax will now be collected for 2023, with payments starting in 2024. The tax will affect those who have a bank account with interest that exceeds the non-taxable amount. Payments must be made by December 1, 2024, just like property or vehicle taxes.
How is tax calculated?
The tax is calculated based on the 2023 income on all deposits and accounts, both in rubles and foreign currency. It does not matter when the deposit was opened, only the collections for the last year are important. Income from deposits with an interest rate below 1% and from inherited deposits is not taxed.
The tax is not levied on the entire amount of interest, but only on a part of it. The amount that is not subject to tax is determined by multiplying the Central Bank’s maximum lock rate for the year by 1 million rubles. In 2023, this rate increased from 7.5% to 16%. The rate effective as of December 1 is used to calculate the amount that is not subject to tax – 15%. If the income from the deposit does not exceed 150 thousand rubles, you do not need to pay tax. If the income is higher, you must pay 13% or 15% of the excess (an increased rate for income over 5 million rubles per year).
Who will be affected by the deposit tax?
The total volume of bank deposits in Russia increased by 5.4% in the first quarter of 2024, reaching 63.38 trillion rubles. reports Deposit Insurance Agency (DIA). While the deposit volume decreased slightly in the first quarter of 2023, there is a noticeable increase in large corporate deposits in 2024 due to the expansion of the list of insured funds.
Deposits of individuals subject to the new tax also increased by 3.7 percent to 46.7 trillion rubles. The largest increase occurred in deposits of 3 to 10 million rubles and in larger amounts over 10 million rubles. Deposits of up to 1 million rubles remain the most common, but their growth was less significant.
According to the representative of the Ministry of Finance, the amount of tax on deposits is determined based on the results of the year. The Federal Tax Service calculates the tax for each taxpayer and sends notifications. The tax will affect those who have money in bank accounts and deposits in 2023 and earn more than 150 thousand rubles in the form of interest from them. This money will have to be paid by December 1, 2024.