Russian residents with interest income on deposits exceeding 1.6 million rubles face a new tax, according to Izvestia. The government anticipates collecting about 101 billion rubles from these higher-yield deposits, with annual returns near 150 thousand rubles per individual. The report underscores a broader shift in fiscal policy tied to monetary tightening.
An analyst from Freedom Finance Global, Vladimir Chernov, explains that the move aligns with a tighter monetary stance and a key rate increase to 15 percent. He notes that the projected average deposit yield over 11 months is about 9 percent per year. The exact deposit size and the corresponding annual return are derived from this 9 percent figure, shaping the tax treatment for savers.
In practical terms, Chernov points out that deposits below 1.665 million rubles escape the new tax threshold. With an annual return near 9 percent, the estimated income from such deposits would be about 149,850 rubles, rendering them tax-exempt under the revised framework.
For personal income tax, the rate remains 13 percent. That means on annual income around 150 thousand rubles, an individual would owe roughly 19.5 thousand rubles. The Federal Tax Service will compute the tax based on reported bank data, ensuring the system captures these earnings accurately across financial institutions.
Industry voices previously commented on related scenarios, including how mortgage purchases at current price levels influence overall taxation and housing finance decisions. The broader context also encompasses the tax regime for remote work and how individuals earning income from various sources are treated under the ongoing reforms.
Overall, the evolving tax landscape in Russia appears to blend higher yields, tighter monetary policy, and clearer guidance on how deposit earnings will be taxed. Savers with large balances are advised to review their portfolios, monitor the official tax calculations, and consider how shifts in interest rates may affect annual income and tax obligations across different accounts and financial products.