Changes in the tax on bank deposits - what are the reasons?

Since the beginning of the year, significant changes have been made to the Tax Code regarding the payment of income tax on interest on bank deposits made by physical persons. What does the tax amount depend on and are all deposits subject to personal income tax? Read the details in our article.

How is the tax calculated and what does it depend on?
Some depositors who have bank deposits will be affected and will have to pay income tax. At the same time, the amount of tax can be reduced by untaxed income.

Non-taxable income on bank deposits reduces the tax base, that is, the amount of income received on deposits, on which the tax is calculated. Non-taxable income is determined on the basis of the key rate of the CBRF in effect at the beginning of the year (for which the tax is calculated and paid) multiplied by a fixed amount of 1 million rubles.

For example, in January 2021 the CBR key rate was 4.25 per cent, i.e. the non-taxable income for tax purposes will be RUR 42,500. If the key rate changes during the year, the nontaxable income will not change. In the calculation is the value of the key rate at the beginning of the year. It does not matter how it changes throughout the year.

Under the new rules, income tax will have to be paid on all accrued interest on all deposits, minus nontaxable interest income. If you have deposits in foreign currency, the income will be recalculated at the Central Bank exchange rate on the day of receipt of income.

The tax rate is 13% for all individuals (both residents and nonresidents).

Individuals will pay tax on deposits on the basis of a tax notice sent by the tax authorities in 2022.

Are all deposits taxable?
Not all. There are some exceptions. For example, personal income tax will not be charged on:

Ruble deposits with an interest rate of up to 1% per annum. It does not matter how much interest you have on these deposits

escrow-accounts (most often used in the acquisition of housing under the CDA)

Income received in the form of exchange rate differences on foreign currency deposits

We briefly talked about paying income tax on bank deposits of physical persons. If you have any questions, feel free to ask in the comments.

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