In 2024, for the first time, Russians will have to pay income tax on bank deposits for 2023. The new procedure established by law obliges taxpayers to declare interest income exceeding the established limit.
When and how the tax appeared
The Law on taxation of interest on deposits entered into force on January 1, 2021. The tax applies exclusively to interest income, and not to the funds in the accounts themselves. Revenues for 2021 and 2022 were exempt from tax by special decree, but this benefit has been abolished since 2023.
How personal income tax is calculated from deposits
The tax is charged on the part of interest income exceeding the non-taxable limit, which is calculated based on the maximum key rate of the Bank of Russia on the first day of each month of the reporting year. Formula:
1 million rubles × the maximum key rate.
1 million rubles × the maximum key rate.
In 2023, the rate was 15%, which gave a non-taxable amount of 150,000 rubles. Income exceeding this limit is taxed at the rate of 13% or 15% (if the annual income exceeds 5 million rubles). For 2024, the maximum rate was 19%, which increased the limit to 190,000 rubles.
Example of tax calculation for 2023
If the depositor has received an interest income of 160,000 rubles, he is obliged to pay tax on the difference between this income and the non-taxable amount (160 000 – 150 000 = 10,000 rubles). The amount of tax at the rate of 13% will be:
10,000 rubles × 13% = 1,300 rubles.
10,000 rubles × 13% = 1,300 rubles.
What you need to know about foreign currency deposits
Interest income on accounts in foreign currency is also taxed. The recalculation is carried out at the exchange rate of the Central Bank on the date of receipt of income, but no tax is charged on the currency difference.
Tax payment procedure
You do not need to submit a declaration yourself. The Federal Tax Service will notify depositors of the need to pay a tax calculated on the basis of data provided by banks. The tax must be paid by December 1, 2024 for the income of 2023. This can be done through the taxpayer’s personal account, banking applications or terminals.
Penalties for non-payment
Failure to pay the tax on time will result in a fine of 20% of the unpaid amount.
Conclusion
In 2024, Russians will face a new norm of tax regulation. The non-taxable limit is calculated at the Central Bank’s key rate, and tax is charged on the amount exceeding it. You need to pay by December 1 of the year following the reporting one.
A source:https://buh-a.ru/novosti/11-novosti/300-nalog-na-dokhody-po-vkladam-v-rossii-chto-nuzhno-znat-v-2024-godu
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