Tax on deposits from January 1. Tax on deposits of individuals. Who pays personal income tax on deposits
The taxation of cash deposits means the deduction of a certain percentage from the amount that comes to the depositor from the bank in the form of interest. Deposits are subject to state tax not only in the Russian Federation, but also in most of the countries of the world. In Russia, taxation is not so tough due to the fact that deposits in the country are low-income. You can calculate the income on the deposit on the calculator and compare it with the percentage of foreign banks. Therefore, the large amount of taxes in our country will cause a protest of depositors, which is unprofitable for anyone.
What types of deposits are taxed
Deposit tax individuals applies to all deposits with a rate that is 5% or more higher than the refinancing rate of the Central Bank Russian Federation. At the end of 2018, it is 7.5%. This means that the fee is charged on all deposits with an interest rate of 12.5% per annum or more. It is not the effective, but the nominal rate that is taken into account, so that there is no error due to interest capitalization.
Foreign investments are also subject to taxation. This applies to offers of banks, the interest rate for which exceeds 9% per annum. The tax rate for residents of the Russian Federation is 35%. For non-residents, the interest is lower - 30%, but only for those who stay in the Russian Federation for more than 183 days.
Taxation of deposits of legal entities
Tax on company deposits is applied in the same way as for other non-operating transactions. Each company independently calculates the amount of tax. It largely depends on the form of taxation used by the company. It can be a general and simplified system, UTII and others. In each tax period, the profit received from the deposit is calculated, after which the company deducts taxes.
Many individual entrepreneurs prefer to invest in a bank as an individual. In this case, they pay tax only if the passive income is 5% higher than the refinancing rate of the Central Bank of the Russian Federation. If you make an investment on behalf of an individual entrepreneur, then the fee is charged on all income, since it all falls into the tax base.
Taxation of deposits of individuals
There is nothing complicated in the topic of taxation of bank deposits of citizens of the Russian Federation. It is only necessary to monitor the current refinancing rate of the Central Bank of the Russian Federation, as it changes periodically. 5% is added to this value. As a result, the minimum value of the return on the deposit is obtained, from which tax fees are applied to the deposit. At the current rate of 7.5%, the lower yield threshold is 12.5%.
How much of the deposit is taxed?
Let's consider a simple example. A resident of the Russian Federation opened a bank deposit with a duration of 181 days in the amount of $10,000. Interest is paid at the end of the term, the yield is 10%. In this case, the accrued interest in dollars will be $495.89 (10,000x0.1x181)/365). The tax is levied because the profitability of the foreign currency deposit is higher than 9%. $446.3 ((10,000x0.09x18)/365) is exempt from collection, while tax is withheld on the remaining $49.59. This results in a withholding tax of $17.36 (35% of $49.59).
I deposited money at interest in the bank. Do I need to pay income tax later?
Thanks a lot,
Ira, Moscow.
The Tax Code provides for situations in which personal income tax must be paid on deposit income. However, such situations were possible several years ago. Now you don't have to worry about it, and here's why.
Evgeny Shepelev
private investor
The investor doesn't have to do anything.
The tax agent in this situation is the bank itself. The depositor does not need to report the income on the deposit to the tax office and transfer money to the budget. If taxable income has arisen on the deposit, then the bank itself will do everything when paying interest.
If you closed the deposit and the bank sent a certificate 2- personal income tax - it means that you had such an income. The same if the account statement indicates the transfer of personal income tax.
Why income from deposits is not taxed in most cases
According to the law, owners of ruble deposits must pay personal income tax if the interest rate on the deposit exceeds the Central Bank refinancing rate (since January 2016 - the key rate) by 5 percentage points. For foreign currency deposits, you need to pay personal income tax if the interest rate is above 9% per annum. There are no such rates on foreign currency deposits in Russia.
For ruble deposits opened after March 26, 2018, the limit of the tax-free rate is 12.25% per annum (key rate 7.25% + 5 percentage points). For comparison, the maximum rate of the 10 largest Russian banks in mid-June 2018 is only 6.449%, according to the Central Bank. In less big banks- up to 7-7.5%.
If you opened a ruble bank account in 2016 or later, it is very unlikely that you need to pay tax. At that time, there were no more deposits with a yield higher than the key rate + another 5 percentage points.
If you opened a deposit between December 15, 2014 and December 31, 2015, then the tax-free rate limit was 18.25% per annum (8.25% + 10 percentage points). At that time, there was a benefit: 10 percentage points were added to the refinancing rate instead of 5. But then there were deposits with a yield of more than 20%, and personal income tax had to be paid on part of the income.
How is personal income tax calculated from income on a deposit
Personal income tax on deposits is not the usual 13%, but all 35% for tax residents and 30% for non-residents. True, not from the entire amount of income, but only from that which exceeds the tax-free limit of the rate.
If now a tax resident of the Russian Federation opens a deposit at 14% per annum with a tax-free threshold of 12.25%, then personal income tax at a rate of 35% will be withheld only from the amount of income received at a rate of 1.75% (14% - 12.25%). If the deposit rate is 12%, you do not need to pay personal income tax.
But at the same time, you can do without paying tax thanks to paragraph 2 of Art. 214.2 of the Tax Code of the Russian Federation. To do this, the deposit must meet the following conditions:
- The deposit initially has a rate within the key rate Central Bank + 5 percentage points.
- The bank did not raise the deposit rate.
- From the moment the deposit rate exceeded the key rate Central Bank + 5 percentage points, no more than three years have passed.
For example, Vasily opened a deposit in June 2018 with a rate of 7% per annum with a key rate of 7.25%. You don't have to pay VAT. In September 2018, the Central Bank reduced the key rate to 1.5% (this is unlikely to happen, but this is a conditional example). Within three years after the reduction of the Central Bank rate, Vasily does not pay personal income tax on interest on the deposit.
But if the key rate did not change, and the bank raised the deposit rate from 7 to 13%, Vasily would have to pay tax on part of the interest income, since the deposit rate exceeded the key rate Central Bank + 5 percentage points.
Eventually
Situations when it is necessary to pay personal income tax on income on a deposit are extremely rare. Now there are no ruble deposits with an interest rate that is 5 percentage points higher than the key rate of the Central Bank. There are no foreign currency deposits with a rate above 9%.
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Provides for the transfer to the state budget of a certain percentage of almost every type of income received: wages, inheritance, etc. Most bank customers must also calculate what tax on deposits of individuals will have to be paid before opening a deposit. This tax is a part of the income received from interest on, transferred to the budget. The system of its calculation changes quite often, so it is better to study this issue carefully before signing an agreement for opening a deposit.
What deposits are taxed
Formally, financial receipts from deposits are taxed. This applies to both ruble deposits and programs in foreign currency. The fact of withdrawal of tax from the deposit will not be affected by the terms of placement, options such as automatic prolongation, partial withdrawal or replenishment. Three parameters affect the withholding of personal income tax from a deposit:
- The amount of savings placed at interest;
- Interest rate for a specific deposit program;
- The refinancing rate for the current year set by the Bank of Russia.
- Income on a deposit subject to taxation will be considered the profit from it - the amount that multiplies the client's savings at the expense of accrued interest.
The amount of tax on deposits
However, the reality of the Russian economy is such that a deposit in it is an ineffective instrument. Its profitability will only save the funds of citizens, blocking the impact of inflation. And the real profit from the deposit is minimal, and it can be equated to a small bonus for cooperation with the bank.
Therefore, the answer to the question about the taxation of deposits of individuals in 2020 is unequivocal - no, it does not work. In confirmation, we cite paragraph 1 of Art. 214 of the Tax Code of the Russian Federation. In accordance with it, income tax is paid on:
Deposits in Russian rubles if their interest rate exceeds the refinancing rate set by the Central Bank of the Russian Federation by five percentage points; deposits in foreign currency if their rate exceeds 9%.
In 2020, the refinancing rate (it is also the key rate in government documents) is 6%. If, in accordance with the law, five percentage points are added to it, we get 11%. It is this rate that a deposit program in rubles should have in order to be subject to personal income tax.
But turning to the current offers on the market, it is easy to make sure that financial institutions do not offer deposits with such a yield. Best Interest on deposits fluctuate in the range of 7-8% per annum - these are programs from, and some others. As for, they rarely reach 4%. The percentage is in the region of 2-3%, - up to 2%.
Procedure for paying tax on deposits
So, we have already decided that in practice taxes are not levied on interest on deposits: Russian banks do not offer citizens sufficient returns. But suppose that the deposit program includes capitalization interest, which in total exceeds the key rate - then the tax must be paid. How does this happen?
The Russians will not have to give the state a third of the amount received in the form of interest on deposits, the rate of which exceeds 13.25% per annum. Deputies of the State Duma approved the corresponding amendment to the Tax Code of the Russian Federation today
According to the current norm (Article 214.2 of the Tax Code of the Russian Federation), income received in the form of interest on ruble bank deposits is exempt from personal income tax (PIT), but only if the deposit rate is not more than 5 percent points exceeds the refinancing rate of the Central Bank of the Russian Federation.
This rate is currently set at 8.25%. And this means that if the bank accrues more than 13.25% per annum on the ruble deposit, then the depositor must pay personal income tax on the profit received. Until recently, this norm did not create problems, since there were no deposits with a yield of more than 13.25% per annum on the market. However, from December 16, 2014, the Central Bank increased its key rate to 17% and commercial banks began deposit rates.
The refinancing rate of the Central Bank, however, remained at the same level, at 8.25%, as a result, income from placing money on renewed deposits became subject to personal income tax. And in accordance with the law, income accrued in excess of the rate of 13.25% per annum is taxed at a rate of 35%. Thus, depositors would have to give the state more than a third of the additional income.
The amendment introduced today by the State Duma exempts income on deposits from personal income tax in cases where the ruble deposit rate is no more than 10 percentage points higher than the refinancing rate of the Central Bank of the Russian Federation. Thus, you will not have to pay tax on interest received on a deposit with a yield of no more than 18.25% per annum. However, the benefit introduced by the State Duma is temporary and will be valid until December 31, 2015.
“This rate will be significantly higher than inflation, but at the same time, we orient both banks and people to the fact that those who will seriously raise the rate, and this can be done by weak banks, that there are risks for both the banking system and the citizen himself who invests in banks. This is a reasonable decision,” Andrey Makarov, head of the State Duma Committee on Budget and Taxes, said at the meeting.
In a number of banks, interest rates on ruble deposits have already been set above 18.25% per annum. So, for example, in Alfa-bank maximum income taking into account the capitalization on term ruble deposits "Victory" is up to 19.56% per annum, in the Moscow Credit Bank the rates on deposits "Accumulative +", taking into account the capitalization of interest, are 20.37% per annum, and MDM Bank, the rate on deposits "Leader" is set at the level of 21% per annum. Even taking into account the decision taken today by the State Duma, the owners of such deposits will have to pay personal income tax on their "interest" income.
In accordance with the law, the bank, acting as a tax agent, will itself deduct the amount of accrued personal income tax from the amount of interest income on the deposit, after which it will pay the balance to the depositor. Income received in the form of interest on foreign currency deposits is subject to personal income tax in cases where the rate on the deposit exceeds 9% per annum. This norm was left by the State Duma without change.
Earlier, several deputies submitted another draft law to the State Duma. In accordance with this document, the maximum rate at which income received in the form of interest is not subject to personal income tax is proposed to be set in the amount of the key rate of the Central Bank of the Russian Federation increased by five percentage points. Thus, interest on deposits with a yield of no more than 22% per annum would not be taxed.
The period of preferential taxation of income from bank deposits ends on December 31. In general, according to the Tax Code, income from a ruble deposit should be partially subject to personal income tax (PIT) at a rate of 35% if the interest on it exceeds the Central Bank refinancing rate (SR, now - 8.25% per annum), increased by 5% (i.e. 13.25%), and for foreign exchange - if the deposit rate is higher than 9%. At the same time, the tax is levied not on the entire accrued income on the deposit, but only on interest exceeding the specified limits.
“Banks calculate income and, if necessary, calculate tax on the date of actual payment or capitalization of interest on the deposit. To determine whether it is necessary to levy tax, the rate limit established by the Tax Code is compared with the deposit rate specified in the agreement, which does not take into account the capitalization of interest,” says Vladislav Kalenda, head of the tax planning and methodology department at KMB Otkritie. “If the deposit initially provides for a differentiated rate, then the tax will be charged only when interest is accrued for the period when the deposit rate exceeds the SR + 5%, this follows from the explanations of the Ministry of Finance,” says Natalia Ryabova, senior manager of the FBK Legal tax consulting practice.
But when last December the banking sector was covered by a liquidity crisis, and the Central Bank raised the key rate to 17% and banks were forced to raise ruble deposit rates from the usual 9–11% to 15–21% per annum, State Duma deputies for the period from December 15, 2014 As of December 31, 2015, the tax-free deposit rate was increased by another 5 percentage points, to 18.25% per annum.
As a result, for more than a year, banks deducted the minimum amount of tax from income from crisis deposits or did not deduct it at all.
Long-term deposits at extremely high interest rates by today's standards in December last year could be opened even in large banks. Some of these contributions will be valid for another year or two. For example, in MDM Bank it was possible to open a ruble deposit at 21% for up to three years, in Renaissance Credit - at 15% for two years, in Alfa-Bank - at 14.7–15% for two and three of the year. “There are active deposits with such rates in the bank,” admits a representative of MDM Bank. He refused to specify their number and the amount of funds placed on them.
The exemption from taxation of income on deposits not exceeding 18.25% ceases to be valid from January 1, 2016. Accordingly, for all active deposits banks will withhold personal income tax from interest exceeding the rate of 13.25% (CP + 5%), warns senior manager of the tax consulting practice of FBK Legal Natalya Ryabova.
For example, if in 2015 the owner of a deposit with a rate of 18% per annum received this income in full, then from the new year his net income will decrease to 16.34%.
We rent currency
Starting from the new year, Russians will have to pay personal income tax in the amount of 13% from the full income on deposits in banks abroad. This is provided for by amendments to the Tax Code, adopted by the State Duma at the end of November. Until recently, the issue of taxation of deposits abroad has remained controversial, points out Olga Serebryanaya, an expert at Consultant Plus. Depositors sometimes refused to pay personal income tax on them, because "the rate on foreign currency deposits is below 9%." In 2010–2014 The Ministry of Finance issued several clarifications that are opposite in meaning, both confirming and denying the correctness of the “refuseniks”. Amendments to the Tax Code clarify the situation: from January 1, personal income tax is not subject to foreign currency deposits with a rate of up to 9%, opened in banks in the territory of the Russian Federation.
“Even with the tax, depositors who opened two- or three-year deposits in December 2014 will receive a higher income than if they opened new contribution at current rates,” the representative of MDM Bank consoles.
Indeed, now the rates on ruble deposits in both large and small banks have decreased so much that they cannot be subject to personal income tax. According to banki.ru, only three banks (VVB, Milbank, Pulse of the Capital) open deposits in Moscow with a rate slightly above 13.25% for the entire term. The maximum rate now is 13.4% per annum.
In particular, the extension of the tax-free rate limit in the amount of the refinancing rate plus 10%, as well as the transition from the refinancing rate to the key rate of the Central Bank as an indicator of the value of money, can hinder the decline in the yield of crisis deposits. However, in both cases, laws must be passed that change the provisions of the Tax Code, lawyers point out. The State Duma has not yet considered such documents.
