The new law, taxing the income of individuals with interest on deposits over 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 how this will turn out for Russians who keep their deposits in one of the banks from 1 million rubles or more.
And so that these explanations were not only useful, but also easy for your perception, we have built them in the form of questions and answers.
Who will be obliged to pay?
Interest income tax on deposits and bonds will be paid by everyone who has deposits and account balances in different banks in the aggregate from 1 million rubles and more... But there is an important nuance: the tax will be levied only on a part of the amount exceeding income at the rate of the Central Bank (on the first day of the tax period) from 1 million rubles.
Now the size of 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 tomorrow, they would have taken it from an income of 62.5 thousand rubles, since the size of the key rate of the Central Bank in January was 6.25%.
Please note that the innovation concerns only interest on deposits, not the deposits themselves.
Moreover, 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 pensioners or other categories of the population. However, as Prime Minister Mikhail Mishustin explained, the new the tax will not apply to 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 removed from the "tax blow".
If someone received income from a deposit in a foreign currency, it will be converted into the currency of the Russian Federation for tax purposes. In this case, the rate of the Central Bank will depend on the date of receipt of income.
Will bond income also be taxed?
Yes. If earlier (and until the end of 2020) interest income on corporate, municipal bonds, Eurobonds of the Ministry of Finance and federal loan bonds were not taken into account when calculating the tax base, then starting from the new year the owners of government and corporate securities of Russian issuers will be equalized in terms of the tax burden, which will be 13 %.
When will they start taking tax on interest on deposits over 1 million rubles?
The new law will come into force from the beginning of 2021... Therefore, do not worry about interest accrued in 2020, they will not be taxed.
And since the “tax per million” is going to be calculated from interest income received not earlier than January 1, 2021, then for the first time it will be taken not earlier than the next tax period - 2022.
Will I be charged tax if I already have a valid deposit agreement?
Yes, they will, but considering only the interest accrued from January 1 of the next year, 2021.
Will it be necessary to independently notify the tax office of the interest received on my deposit?
No, depositors of Russian banks do not need to do this. This responsibility is assigned to the credit and financial institutions of Russia.
For banks, this is a new form of reporting, which will require the creation of an automated system for preparing and sending the necessary data to the tax authorities. Previously, credit institutions did not notify the tax authorities about the interest accrued on deposits.
Is it worth splitting deposits so that they don't take tax from me?
Experts do not yet have a definite answer when it comes to opening a deposit for relatives. So far, there is no indication in the new law that the calculation of the taxable base should take into account the contributions of relatives or family members. Therefore, it is possible that dividing one large deposit into several smaller ones, involving family members (including a son or daughter who is already 14 years old) makes sense.
But on the question of whether it is worth splitting deposits opened for the same individual, financial experts are unanimous. No, you shouldn't do that. After all, the Russian authorities are planning to track the amount of all deposits of a particular depositor in various banking organizations.
An example of calculating the new tax on income from bank deposits from 1 million rubles
Let's take a situation when the key rate of the Central Bank at the beginning of 2021 is 6%, and you have a deposit with capitalization in one of the Russian banks, for 1.1 million rubles at a rate of 5% per annum, replenishment of the deposit is not provided.
The annual yield on it will be 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 size of the deposit - 1.5 million rubles, then for the year interest will be charged 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 at 13%. You will have to pay 2,176 rubles.