The State Duma of the banks’ customers freed from tax on interest on deposits – RBC

The State Duma of the banks' customers freed from tax on interest on deposits – RBC

Under the current norm (Art. 214.2 of the Tax Code), income derived from interest on ruble bank deposits shall be exempt from tax on personal income (PIT), but only if the rate on the deposit is not more than 5 percentage points higher than 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 pays the ruble deposit more than 13.25% per annum, with the profit the investor has to pay personal income tax. Until recently, this provision does not create problems, as deposits with a yield of 13.25% per annum above the market was not. However, with the December 16, 2014 the Central Bank increased its key interest rate to 17%, and commercial banks have started to raise rates on deposits.

The refinancing rate of the Central Bank, however, remained unchanged at 8.25%, and as a result proceeds from the placement of deposits of money updated became subject to personal income tax. And in accordance with the law of income accrued over rate of 13.25% per annum, are taxed at 35%. Thus, investors would have to give the state more than a third of additional income.

The paid today by the State Duma amendment exempts income on deposits from personal income tax in cases where the rate of the ruble deposits of no more than 10 percentage points higher than the refinancing rate CBR. Thus, with the interest earned on the deposit with a yield of no more than 18.25% per annum, the tax will not have to pay. However, the State Duma introduced a temporary exemption, and will be valid until December 31, 2015.

«This rate will be much higher inflation, but we orient the banks and the people that those who are serious bullying rate and it can make weak banks that here there are risks for the banking system, and the citizen who invests in banks. This is a reasonable decision, “- said at the meeting, the head of the Duma Committee on Budget and Taxes Andrei Makarov.

In a number of banks interest rates on ruble deposits have been installed above the level of 18.25% per annum. For example, Alfa-Bank, taking into account the maximum income capitalization term ruble deposits “Victory” is up to 19.56% per annum, CREDIT BANK OF MOSCOW rates on deposits “Savings +” with the interest capitalization amount to 20.37% per annum, MDM Bank and the rate on deposits “Leader” is set at 21% per annum. Even taking into account the decision by the State Duma today the owners of such contributions will have to pay from their “interest” income personal income tax.

In accordance with the law of the bank, acting as fiscal agent, he will deduct from the amount of interest income accrued on the deposit amount of personal income tax, then the investor will pay the remainder. Income received in the form of interest on foreign currency deposits, subject to personal income tax in cases where the size of the rate on the deposit is more than 9% per annum. This rule is retained by the State Duma without change.

Earlier, several deputies to the State Duma introduced another bill. In accordance with the document size limit rate at which obtained in the form of interest income is not subject to personal income tax, it is proposed to establish in the amount increased by five percentage points the key rate of the Central Bank of the Russian Federation. Thus, would not taxed interest on deposits with a yield of not more than 22% per annum.