On January 1, amendments to Article 214.2 of the Tax Code of the Russian Federation, affecting the taxation of interest on deposits, were introduced. Now the tax base is determined on the basis of the amount of interest actually received, explained on Monday, January 3, Elizaveta Mikhalkina, senior manager and consultant in the field of taxation of individuals at PwC in Russia.
She clarified that the only exceptions are interest on escrow accounts and on ruble accounts with a rate of no more than 1%.
“Taxation is subject to interest in excess of the amount calculated as 1 million rubles, multiplied by the key rate of the Central Bank, in effect on January 1 of the tax period (calendar year)”, – quotes the words of the tax consultant, the Prime agency.
According to her, taking into account the current value of the key rate, the interest income on deposits for 2021, not taxable, amounted to 42 thousand 500 rubles.
Mikhalkova stressed that the difference between the taxation of interest on bank deposits in 2021 and 2022 is reduced only to adjusting the amount of non-taxable interest income. Interest on deposits in foreign banks will continue to be taxed in full.
The specialist noted that the tax on interest on deposits is paid upon notification, and, based on the current version of the Tax Code of the Russian Federation, is not subject to inclusion in the 3-NDFL declaration, even if the taxpayer has an obligation to submit it.
“Since the first notifications, including tax on interest on deposits, will be received by taxpayers only in 2022, it is not yet possible to assess how effectively this mechanism will work. Based on the experience of calculating property taxes by the tax authorities, inaccuracies in such notifications are not excluded, ”warned Mikhalkina.
Earlier it became known that personal income tax in the amount of 13% will be levied on the amount of interest on all deposits of a citizen in Russian banks exceeding 1 million rubles, that is, in 2022, Russians will pay tax on interest income exceeding 85 thousand rubles.
On December 30, the head of the RF Ministry of Finance, Anton Siluanov, said that an increase in tax rates, including personal income tax, is not expected in Russia in the next three years. The minister also said that the additional revenues of the Russian budget by the end of 2021 will amount to about 4 trillion rubles.
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
