The new law on taxation of deposits raises many questions. Some see the figures and decide to abandon deposits altogether. We figure out what income and in what amounts the state needs to pay in 2023.
When did the tax on deposits appear?
The new law on bank deposit tax came into force on January 1, 2021. According to it, individuals whose earnings exceed a certain limit must pay the state interest (13 or 15). These amendments were made to the second part of the Tax Code of the Russian Federation.
However, in March 2022, the president signed a new decree russia mobile database imposing a moratorium on this amendment. The decision was part of anti-crisis measures to support the population in the context of sanctions. Thus, payments on deposits received in 2021 and 2022 are not taxed.
The moratorium has not been extended into 2023, and depositors will now pay tax on most types of deposits and savings accounts.
Taxation in 2023
Until 2021, only those deposits whose yield exceeded the key rate of the Central Bank of the Russian Federation by five or more points were taxed. For example, with a key rate of 5%, the tax levy was imposed only on deposits with a rate of 10% per annum. Residents paid 35%, non-residents - 30%.
Under the new law, taxation applies to any income from savings, including investments and accruals on the balance of funds in the account. All payments are included in the totality of tax bases subject to personal income tax. The basic rate is 13 or 15% depending on earnings for the calendar year.