The new law, taxing personal income tax on interest on deposits of more than one million rubles, was adopted by the State Duma in the third, final reading and approved by the Federation Council. And we will tell you what this will turn out for the Russians, who keep their deposits of 1 million rubles or more in one of the banks.
And so that these explanations are not only useful, but also easy for your perception, we built them in the form of questions and answers.
Who will be obligated to pay?
The tax on interest income on deposits and bonds will be paid by all who have deposits and account balances with different banks in the aggregate from 1 million rubles and more. But there is an important nuance: the tax will be levied only on the part of the amount exceeding the income in the amount of the Central Bank rate (on the first day of the tax period) from 1 million rubles.
Now the key rate of the Bank of Russia is 6%. If it remains unchanged next year, then the tax will be levied on interest income over 60 thousand rubles.
If the tax had been introduced already from tomorrow, then they would take it from income of 62.5 thousand rubles, since the size of the Central Bank's key rate in January was 6.25%.
Please note that the innovation applies only to interest on deposits, and not the deposits themselves.
At the same time, all Russian banks, from the smallest to the largest, will be required to notify the tax service of the interest paid to each client. Except for those who will not be affected by the new tax on interest on deposits.
Who will not be affected by the innovation?
There will be no exceptions for senior citizens or other categories of the population. However, as Prime Minister Mikhail Mishustin explained, the new tax will not affect ruble deposits with an interest rate below 1% per annumas well as escrow accounts. Thus, most of the demand deposits and salary accounts of citizens are withdrawn from the “tax blow”.
If someone received income on a deposit in a foreign currency, they will be converted into the currency of the Russian Federation to calculate the tax. In this case, the rate of the Central Bank will depend on the date of receipt of income.
Will bond income fall under new taxation too?
Yes. If earlier (and until the end of 2020) the interest income on corporate, municipal bonds, the Ministry of Finance Eurobonds and federal loan bonds were not taken into account when calculating the tax base, then from the new year the owners of state and corporate securities of Russian issuers will be equalized by the tax burden, which will be 13 %
When will they begin to take tax on interest on deposits over 1 million rubles?
The new law will enter into force. since the beginning of 2021. Therefore, do not worry about the interest accrued in 2020, they will not be taxed.
And since they are going to calculate the "tax per million" from interest income received no earlier than January 1, 2021, they will take it for the first time no earlier than the next tax period - 2022.
Will I be charged a tax if I already have a valid deposit agreement?
Yes, they will, but taking into account only the interest accrued from the first of January of the next year, 2021.
Will I need to independently notify the tax on the interest received on my contribution?
No, depositors of Russian banks do not need to do this. This responsibility is assigned to the financial institutions of Russia.
For banks, this is a new reporting form that will require the creation of an automated system for preparing and sending the necessary data to the tax. Earlier, credit institutions did not notify the tax on interest accrued on deposits.
Is it worth splitting deposits so that they do not charge me tax?
Experts do not yet have a definite answer when it comes to opening a contribution to relatives. So far, the new law does not indicate that the calculation of the tax base should take into account the contributions of relatives or family members. Therefore, it is possible that it makes sense to divide one large deposit into several smaller ones, involving family members (including a son or daughter who are already 14 years old).
But on the question of whether it is worth splitting deposits open to the same individual, financial experts are unanimous. No, this is not worth it. After all, the Russian authorities plan to track the amount of all deposits of a particular depositor in different banking organizations.
Example of calculating a new tax on income from bank deposits from 1 million rubles
Let us take a situation where the key rate of the Central Bank at the beginning of 2021 is 6%, and you have a deposit in one of the Russian banks with capitalization of 1.1 million rubles at a rate of 5% per annum, there is no replenishment of the deposit.
The annual yield on it will amount to 56,278 rubles, according to the deposit yield calculator. This means that this contribution will not fall under the new tax.
If we take a slightly larger deposit - 1.5 million rubles, then for the year interest will be accrued on it in the amount of 76,743 rubles.
The amount of 16,743 rubles (76,743 rubles minus 60,000 rubles) will already be taxed 13%. You will have to pay 2,176 rubles.
