The Federal Tax Service reminded Russians about paying tax on deposits for 2023
Russians have started receiving notifications from the Federal Tax Service (FTS) about the accrued tax on interest income on deposits for 2023. This turned attention RBC.
This year, citizens are paying personal income tax on bank income for the first time. The notice from the tax office lists the banks where deposits were opened, the amount of interest on accounts and deposits, the amount from which the tax must be paid (to calculate it, non-taxable income in the amount of 150 thousand rubles is deducted from the total amount), as well as the total amount of the payment. The information appeared in the personal accounts of taxpayers.
A representative of the Ministry of Finance explained that the amounts of tax on deposits to be paid are determined based on the results of the tax period, when the Federal Tax Service determines the values for each taxpayer and sends notifications.
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The tax will affect Russians who placed money in bank accounts and deposits in 2023 and received interest income exceeding the tax-exempt amount. It must be paid by December 1, 2024.
If the client’s income on all existing bank deposits for the reporting period did not exceed 150 thousand rubles, the new tax will not have to be paid. However, if the amount of interest received was greater than the non-taxable base, then 13 or 15 percent will have to be paid on this excess (in the case of income above 5 million rubles per year).
The Finance Ministry has abandoned the idea of exempting long-term deposits from taxes
The Ministry of Finance determined the parameters for calculating the tax on long-term (long) deposits in early July. In order for the deposit to be eligible for personal income tax benefits, its term must exceed 15 months, and interest on it must be paid at the end of the term. The norm will potentially apply to interest income on deposits received as early as 2024.
In March of this year, the Ministry of Finance proposed changing the procedure for calculating personal income tax on interest income on long-term deposits in such a way as to “eliminate tax injustice” for clients with long-term deposits. The idea was to give such depositors the opportunity to save a “non-combustible”, i.e. non-taxable amount that falls on one of the years before the deposit expires.
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In April, the head of the Central Bank Elvira Nabiullina said that she supported the idea of exempting long-term deposits from taxes. This should help popularize this type of investment. She warned that it is important to monitor the absence of distortions in incentive measures for long-term deposits compared to the capital market. However, the Ministry of Finance refused to support this initiative.
For now, long-term deposits are unpopular with Russians. The reason for this situation remains the low interest rate and the impossibility of revising it without losing interest income. At the same time, the government is interested in such investments in order to have the opportunity to more freely manage citizens’ savings.
Half of Russians have bank deposits
53 percent of Russians admitted that they have sufficient savings to cover unexpected expenses. This became known from a joint study conducted by analysts from SberStrakhovanie Life, Rabota.ru and Podrabota.ru services. It turned out that the overwhelming majority (87 percent) of respondents face unexpected expenses (payment for treatment and medicine, car or home repairs, purchase of household appliances and others). At the same time, less than two thirds (59 percent) of the respondents form a financial safety cushion. Of those who have one, 28 percent put aside about 10 percent of their monthly income, and almost every fifth (21 percent) put aside 11 to 24 percent.
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In order to protect savings, they need to be diversified by investing some in cash, some in precious metals, and some in fixed-term bank deposits, advised Sergei Tolkachev, First Deputy Head of the Department of Economic Theory at the Financial University under the Government of the Russian Federation. According to him, precious metals and gold are the most reliable asset. At the same time, short-term bank deposits are still considered one of the most rational ways to save savings from inflation. In turn, banker Mikhail Popov is sure that if a Russian has saved less than 100 thousand rubles, then there is little point in buying currency.
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