The Ministry of Finance of the Russian Federation has proposed adjustments to how taxes on deposits longer than one year are calculated. This information comes from RBC, which cites a draft law amending the Tax Code as the basis for the proposal.
The intended changes could take effect in 2025 and would apply to interest income from deposits held for more than one year that are received after January 1, 2024. A government source and the press service of the Ministry of Finance confirmed that the draft law received approval at a meeting of the government commission on legislative activities, according to RBC.
Under the proposed rules, if a investor’s income in the current tax period does not exceed the threshold of 1 million rubles, the excess amount that is multiplied by the Central Bank’s maximum rate could reduce the tax base to zero for future periods. This relief would be available only if the interest income is not received within the current tax period. The provisions are expected to cover interest income from deposits opened in 2024 and will influence how these earnings are taxed in subsequent periods, potentially easing the tax burden for some savers.
Earlier reports from Rossiyskaya Gazeta noted that the Central Bank, citing the Deposit Insurance Agency, is considering measures to make long term deposits and irrevocable savings certificates more attractive for citizens. The discussions include the possibility of raising the insurance coverage limit for these products to 2.8 million rubles, which would be double the current ceiling of 1.4 million rubles. These measures aim to bolster confidence in long term savings and expand protection for a larger portion of individual deposits, according to the publication.
Previously, discussions in the State Duma focused on reducing the tax burden for families with multiple children, with lawmakers outlining initiatives to support larger households through targeted tax relief and savings incentives. The evolving policy landscape suggests a broader push to enhance financial security for households while refining the tax treatment of bank deposits and related savings instruments.