Deposit tax in 2023: when and how much you will have to pay
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You will have to pay tax on income received in the form of interest on deposits in 2023. Deposit holders will have to pay it back in 2024. What kind of tax is this, how the amount is calculated and who it concerns – in the Kommersant certificate.
When did the tax appear?
On January 1, 2021, a new law on taxation of interest on bank deposits came into force for Russian citizens. Amendments were made to the second part of the Tax Code. Taxes for the current year are paid in the next year, so for the first time, income taxes on bank deposits received during 2021 would have to be paid by December 1, 2022.
In March, Russian President Vladimir Putin signed a new law that temporarily abolished the payment of personal income tax on income from deposits. According to it, citizens should not pay tax on interest income on bank deposits received in 2021–2022. So, in 2022 (from income received in 2021) and 2023 (from income received in 2022) there was no need to pay such a tax. At the same time, those who have placed or plan to place funds on deposits in 2023 need to deduct tax from their expected income, since the moratorium on its collection is not planned to be extended.
How much and when to pay
In 2023, the tax rate on interest on deposits is 13%. The value is the same for residents (those who stayed in the country for 183 days) and for non-residents (those who spent less than 183 days in Russia). The tax amount is calculated by the Federal Tax Service after banks provide data (before February 1) on the interest income of an individual for the previous year. In this case, the income on all deposits is assessed, regardless of the currency, the number of deposits in different banks and their sizes.
Taxes for the previous year must be paid by December 1 of the following year. That is, for 2023 – until December 1, 2024.
Escrow accounts that are used in shared construction, and interest income at a rate of less than 1% per annum (current and salary accounts) are exempt from tax.
If the deposit was opened in a foreign currency, the income on it will be recalculated into rubles at the exchange rate of the Central Bank of the Russian Federation, which was in effect on the date of interest payment. If the foreign currency exchange rate has increased during the validity of the deposit, you will not have to pay tax on the currency difference.
If a person received a bank deposit by inheritance, there is no need to pay tax on interest on this deposit.
Tax-free amount
The non-taxable amount of income is calculated based on the maximum key rate of the Central Bank for the year, multiplied by 1 million rubles: for now it is 15% (the Central Bank will have another meeting on the rate in December), which means that 150 thousand rubles will have to be deducted from the total income.
If the depositor’s annual interest income on all bank accounts, including profits in foreign currency, is below the current level of 150 thousand rubles, then there is no need to pay tax for this year.
The tax calculation looks like this:
(Income from deposits and accounts is a tax-free amount) ? 0.13 = income tax
Eg:
(194,000 – 150,000) ? 0.13 = 5720 rubles – this amount is the personal income tax amount.
How to pay tax
There is no need to declare income on deposits or formalize them in any way. The tax authority itself will calculate the tax amount at the end of the year based on information from banks and send a notification if necessary. If income exceeds the tax-free amount, information about this will appear in the taxpayer’s personal account.
After receiving the notification, all that remains is to pay the tax in any convenient way.
It can be done:
- through payment terminals;
- in your personal bank account or office of any bank;
- using the “Pay taxes” service;
- in the taxpayer’s personal account.
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