In 2024, for the first time, Russians will have to pay income tax on bank deposits for 2023
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…