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Tax on income from deposits approved in the State Duma
Deputies in the third reading passed a law introducing a 13% tax on deposit income. According to experts, the state will receive about 100 billion rubles of additional income.
According to the State Duma press service, a 13% tax rate will be applied to interest earned on deposits from one million rubles. Interest on ruble deposits with a yield of not more than 1% per year will not be taxed.
As the chairman of the committee on budget and taxes Andrei Makarov specified, a mechanism is envisaged that gives a tax deduction. According to him, if the law came into force today, the amount of the deduction would be equal to 62,5 thousand rubles. That is, income in the form of 62,5 thousand rubles will not be taxed, and 13% will be withheld only from the income that is higher than this amount.
According to experts channel "Rain", the deposit market in Russia is estimated at 31 trillion rubles. At the same time, 55% of deposits fall under a new tax - their amount is more than one million rubles. Thus, the state revenue from tax will amount to 110 billion rubles.
Russian President Vladimir Putin announced a new tax on income from deposits in March in connection with the coronavirus. New measures will come into effect in 2021 - that is, payment of income tax on interest on deposits will begin in 2022. After the introduction of such an initiative, banks said they had already become lose investors.