New tax on bank deposits in 2021

On January 1, 2021, a new law governing the taxation of income from bank deposits comes into force in Russia. Let’s take a closer look at how much a private investor will need to pay.

How it works now

Until the end of the year, tax on deposits and bonds was charged if the interest rate on the deposit or coupon 5% higher than the key rate of the Bank of Russia

That is, at the current rate of the Central Bank of the Russian Federation of 4.25%, tax must be paid at a coupon or deposit rate of 9.25% and above. In this case, the tax rate for residents is 35%, and for non-residents – 30%.

Naturally, almost no one paid the tax in this form, because there has been no such “sky-high” interest on the bank deposit market for a long time.

How the tax will be calculated from January 1, 2021

Firstly, the scheme has equalized the tax rate for residents and non-residents – now it will be 13% personal income tax

Secondly, the 5% excess of the Bank of Russia key rate has been removed from the scheme, and the tax base will be calculated differently:

For interest income introduced tax deductible amount… This “bonus” amount corresponds to the key rate of the Central Bank of the Russian Federation from 1 million rubles.

That is, interest income up to 42.5 thousand rubles (4.25% of 1 million rubles) is not subject to taxation. At the same time, the number of deposits and their size does not matter – if the total interest income exceeds 42.5 thousand rubles, then the tax will have to be paid.

If your bank deposits do not reach 1 million rubles, do not rush to rejoice – you may have to pay anyway. If the interest on a bank deposit is higher than the key rate of the Central Bank of the Russian Federation, then the income on deposits may come out more than the minimum non-taxable amount.

Example of calculating tax on a bank deposit

Let’s analyze the calculation of the tax amount using a simple example. Let’s say there is an amount of 900 thousand rubles on the deposit. The bank rate is 5.5% per year, the key rate of the Bank of Russia is at the current level of 4.25%.

  • Deposit income tax = (income on bank deposit – non-taxable amount) х 13%
  • Deposit income = 900 thousand rubles x 5.5% = 49.5 thousand rubles
  • Free amount = 1 million rubles x 4.25% = 42.5 thousand rubles

As a result, we get:

Tax amount = (49.5 thousand rubles – 42.5 thousand rubles) x 13% = 910 rubles

There is no need to submit a declaration, the bank itself will send the necessary information to the FTS, but you will have to pay tax yourself

Please note that the tax is due for the past year. That is, for 2021, the tax will need to be paid before December 1, 2022.

Is it possible not to pay tax on deposits

You can not pay tax on income from bank deposits if:

  • the interest rate on the deposit does not exceed 1% per annum;
  • income received from an escrow account.
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