Overview of the 2023 Deposit Tax and Thresholds
Taxpayers who accumulate more than 130 thousand rubles in total interest from all bank accounts may face a deposit tax for 2023. This was explained during a recent discussion with the agency, where a representative from the law faculty of a major Russian university highlighted the rules and their implications.
When calculating the tax, authorities apply the highest locking rate announced by the Central Bank and multiply it by one million rubles. The peak rate recorded to date was 13%. If the Bank of Russia does not raise the rate before year-end, the amount of income exempt from tax will stay the same. If a rate increase occurs, the exemption amount will rise accordingly, altering the amount of non-taxable interest income.
According to the expert, if the depositor’s annual total income across all bank accounts stays below the threshold, no tax is due this year. Conversely, once the threshold is surpassed, the tax rate stands at 13 percent of the income above the exemption.
Tax calculations are handled by the Federal Tax Service, with banks responsible for transmitting customer income data. The Tax Service is expected to issue notifications requiring payment by December 1 of the current year.
Earlier discussions suggested that the government anticipated collecting a substantial sum from the interest tax on deposits, with projections indicating billions of rubles would flow to the treasury from citizens’ interest income.
People in Russia have been considering the most effective ways to manage savings in light of these changes, weighing how much income could remain non-taxable and how to structure deposits accordingly.