The Communist Party deputies proposed to amend the Tax Code of Russia, which will allow non-working pensioners to be exempted from part of taxes, follows from the bill, published on the website of the State Duma. As planned by the parliamentarians, a special privilege should be established for these citizens, which will allow them to avoid paying personal income tax (PIT) on interest on deposits.
The Communist Party explains their initiative, which appeared on the eve of the September elections to the State Duma, by the interests of
“Socially weak groups of the population”. The deputies believe that the loss of even a small amount will be noticeable for those pensioners who no longer receive their salaries.
“In this regard, the bill proposes to exempt non-working pensioners from paying personal income tax on income in the form of interest on deposits, provided that these incomes do not exceed twelve times the subsistence level for the tax period as a whole for the Russian Federation, established for pensioners for the corresponding year,” in the document.
At the same time, the government refused to support the amendments. They noted that the law providing for the payment of taxes on income on deposits has been in effect only from the beginning of this year, and there is no practice of its application yet. “In addition, the implementation of this proposal will lead to a reduction in income tax on personal income in relation to income in the form of interest on deposits (account balances) in banks, the sources of compensation for which are not defined by the bill,” the government said in its conclusion.
This is a law that came into force on January 1 and concerns deposits of individuals in the amount of over one million rubles. At the same time, it applies only to that part of interest that exceeds income in the amount of the product of the key rate of the Central Bank of Russia and one million rubles. The first payments for 2021 will need to be made in 2022. The calculation will be carried out automatically, based on information from banks.