New Tax Started Operating in Russia

On January 1, 2021, a tax on income from interest accrued on bank deposits of individuals, the total amount of which exceeds a million rubles, began to operate in Russia, RIA News reports. The tax will be calculated not on the amount of the deposit, but on the interest going, with a tax rate of 13 per cent. 

It is noted that the income from such bank deposits will begin to be taxed with personal income tax at a rate of 13 per cent, while the tax will affect interest and will not be charged directly from the amount of the deposit. For the calculation of the tax, the key rate of the Central Bank will be of great importance. Thus, if the Central Bank rate was six per cent, then the tax-free amount of interest from a million rubles will be sixty thousand rubles. For the first time Russians will have to pay this tax until December 1, 2022.

Ru-Main, 02.01.2021 

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