the law was Adopted on 13% tax on income from deposits, but it appeared to the Supplement: it will not affect the interest income of up to 60 thousand rubles
state Duma
Prime Minister of the Russian Federation Mikhail Mishustin gave a new explanation on the introduction in Russia from January 1, 2021 tax to 13% for interest income on deposits of Russians.
Today the state Duma adopted in three readings the law and the Federation Council swiftly approved, the tax on income from deposits exceeding 1 million rubles. However, there is a fundamental add – on is a tax deduction, i.e. the amount that is tax-exempt.
This tax-free amount depends on the key rate of the Central Bank at the beginning of the tax period and is calculated like this: X (the amount of the tax deduction) = 1m x N (the key rate of the Central Bank).
“In respect of income interest received on deposits (balances) in banks located on the territory of the Russian Federation, the tax base is determined by the tax authority as the excess of income in the form of interest received by the taxpayer during the tax period on all deposits (balances) in these banks, over the amount of interest calculated as the product of one million rubles and the key rate of the Central Bank of the Russian Federation, effective on the first day of the tax period,” – said in the text of the law.
so, according to the Prime Minister mishustina, if the tax is calculated today, it would not have extended to interest on deposits that do not exceed 60 thousand rubles.
If to explain “on fingers”: if the Bank to the Deposit is 1 million rubles at 6% per annum (this is the size of the key rate of the Central Bank at the moment), then pay with the amount of interest received 60 thousand rubles do not have to. If the Deposit is 1.5 million rubles under 5% per annum, a tax of 13% will have to pay with the whole amount of the received income of 75 thousand rubles, and only 15 thousand (the tax will amount to 1,950 rubles). If the Central Bank, for example, will increase its key rate before the start of the next tax period, then to learn the non-taxable part of interest income, it will be necessary to multiply 1 million rubles to the new key rate of the Central Bank (for example, 1 million rubles multiplied by 8% = 80 thousand rubles).
in addition, from Bank accounts, the rate of which not more than 1%, no tax at all will be removed, no matter how many rubles they are not lying. This also applies to escrow accounts.
if interest income from the Deposit is denominated in a foreign currency, such income are translated into rubles at the official CBR exchange rate on the date of actual receipt of income.
the Calculation of tax amount for the tax period is the tax authority based on data submitted by banks.
Income interest on deposits are exempt from the tax Declaration under the Tax code of the Russian Federation.
the introduction of a tax at the rate of 13%, while obtaining interest income from deposits amounting to more than a million rubles was announced by the Russian President Vladimir Putin on March 25, when transferred to Russians economic measures against coronavirus.
