Yaroslav Nilov, deputy head of the Liberal Democratic Party faction, shared on his Telegram channel that the party has submitted a plan to the government. The proposal aims to extend for this year a provision that shields residents from paying taxes on bank deposit interest. In his remarks, Nilov noted that the draft seeks to amend the Tax Code to broaden the existing exemption from income tax on interest earned from bank deposits. The goal is to keep this relief intact as a temporary measure while the political process unfolds and to provide continuity for savers during a period of economic volatility. (Ministry of Finance, public briefing)
News outlets reported that, according to information from the ministry, 2023 marked a turning point in Russia’s tax policy for personal savings. For the first time since the policy’s introduction, a new levy on deposit interest started to appear on the horizon, with a plan to collect this tax by late 2024. The policy, first announced by President Vladimir Putin in March 2020, was described as a move aligned with similar practices in other nations. The stated rationale has been to channel additional government revenue toward social support programs for those in need. The tax’s original timetable anticipated collection beginning in 2021, but the onset was deferred as a pandemic relief measure in the previous year. (Ministry of Finance, official statements)
Officials indicated that the applicable tax rate would stand at 13 percent. The tax-free threshold was explained as the product of 1 million rubles and the maximum key rate observed over the entire 2023 calendar year. This formulation was presented by the ministry’s press service as the basis for determining the amount of exempted income. (Ministry of Finance, press release)
Market observers analyzed the potential impact on individual savers. Projections suggested that a taxpayer with a key rate around 7.5 percent annually could see an approximate exemption of about 75,000 rubles, assuming other conditions remain constant. Analysts emphasized that such estimates depend on several variables, including fluctuations in key rates and individual deposit amounts. The conversation around this tax centers on balancing fiscal needs with the goal of maintaining a stable incentive structure for saving. (Financial analytics firms, market commentary)