The tax on deposits of more than one million rubles is expanding its effect in 2022. He will be obliged to pay a number of Russians with less savings, transmits RBC.
New tax
According to RBC’s calculations, citizens with deposits of more than 700 thousand rubles will pay tax on deposits of more than a million rubles if they have earned more than 42.5 thousand rubles on interest. Russian legislation does not tax the amount of income that is formed as a result of multiplying the key rate of the Central Bank of the country at the beginning of the year – 4.25 percent – by a million rubles.
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However, the Central Bank’s rate doubled, which led to an increase in interest rates on bank deposits. Therefore, depositors with an amount of more than 700 thousand rubles may be required to pay tax, explained Lidia Kashirina, Deputy Director of the Department of Retail Client Solutions and Digital Business of Rosbank.
If a Russian gave 710 thousand rubles at 4.5 percent for the only deposit since the beginning of 2021 and transferred the funds at 8 percent in August, then he could receive 42.85 thousand rubles in a year. This means that he will have to pay a 13 percent tax on 350 rubles, or 45.5 rubles.
The amount of non-taxable income
At the end of December 2021, it became known that tax-free income on deposits will increase in Russia. In 2021, it was 42.5 thousand rubles, but due to the Central Bank’s increase in the key rate to 8.5 percent per annum, the amount of citizens’ income will double.
85thousand rubles
will be tax-free income on deposits in 2022
Elizaveta Mikhalkina, Senior Manager and Personal Tax Consultant at PwC Russia, explained that starting from 2022, taxes on deposits will be determined from the total interest received. According to her, the difference between the taxation of interest on bank deposits in 2021 and 2022 is only in the change in the amount of non-taxable interest income.
Taxation is subject to interest exceeding the amount calculated as one million rubles, multiplied by the key rate of the Central Bank, effective on January 1 of the tax period (calendar year)
Rate forecast
At the end of 2021, Russian banks announced that they did not expect a double-digit deposit rate. Representatives of credit organizations stated that there would be no drastic changes in this matter. The gradual increase in the rate will be maintained for one to two months and will become more than ten percent when additional options and promotions are taken into account in 2022.
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At the same time, Vladimir Bragin, director for analysis of financial markets and macroeconomics at Alfa Capital, predicted that deposit rates would grow more slowly than the key rate of the Central Bank. The actions of the regulator can slow down inflation, which will lead to a decrease in the key rate.
Bragin concluded that the stabilization of the situation with inflation in the country will directly affect the rate on deposits and loans. If the economic environment improves, then the chance of rate cuts will be extremely high.
key rate
On December 17, the Central Bank raised the key rate to 8.5 percent. This was the seventh increase since March last year. The head of the Central Bank, Elvira Nabiullina, stressed that without the rate hike, inflation would have been a third higher.
Earlier in Russia, it was proposed to create special deposits for low-income citizens. This was stated by Deputy Chairman of the Central Bank Olga Polyakova. The rate of such a contribution will depend on the key rate of the Central Bank or the inflation rate.
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