Taxation of interest on deposits in banks of Russia and income on debt securities
From January 1, 2021, amendments to the legislation on taxation of income from deposits and bonds will take force.
How will taxation of income on deposits work?
Now tax is paid only if the rate on the ruble deposit exceeds 11%, in foreign currency – 9% per annum. This calculation is based on the key rate of the Russian Central Bank (6%) plus 5%. If this limit is exceeded, residents pay to the budget 35% of the difference between the actual and maximum permissible percentages, non-residents – 30%.
From January 1, 2021 tax will be calculated based on the amount of income received by person from interest on all his bank deposits for the year. And if it exceeds the limit, person will have to pay tax.
Limit – 1 000 000 rubles multiplied by the Central Bank key rate as of January 1 of the current year;
Tax – 13% for both residents and non-residents.
Example: imagine that on January 1, 2021, the key rate of the Central Bank will be equal to 6%. Thus, 1 000 000 x 6% = 60 000 rubles – this is the amount of income on deposits, the excess of which will lead to a tax.
An individual has 3 savings accounts, from which in 2021 he received a total of 90,000 rubles in the form of interest income. The excess will be 30,000 rubles, from which 13% (3,900 rubles) will have to be paid to a budget.
Income from foreign currency deposits will be combined with income from ruble deposits. Payments of interest in foreign currency are converted into rubles at the Central Bank rate at the date of payment of income. The final tax is withheld in rubles.
Ruble deposits (account balances) for which the annual rate does not exceed 1% for the tax period, and escrow accounts are not taken into account when calculating the tax base.
How will taxation of income from bonds work?
Now many coupons of bonds are free from tax, for example, federal loan bonds, sub-federal, government bonds of the Republic of Belarus.
In regard to coupons of corporate bonds issued after 2017 there is a similar tax system to deposits: if the coupon rate of corporate bonds exceeds the key rate of the Central Bank + 5%, then the tax is withheld from excess: for residents – at a rate of 35%, for non-residents – 30%.
From 2021, coupons for all bonds will be taxed at a rate of 13% for residents and 30% for non-residents. The broker will withhold the tax on coupons, as it is now. Taxpayer does not have to calculate and pay tax himself.
The entire coupon is taxed, regardless of the issuer, rate or income received.
Thus, in 2022, taxpayers will receive notifications from tax authorities on the payment of taxes for 2021. Income received before January 1, 2021 will not be taken into account.