In the Russian Federation, the area of implementation of the refinancing rate is quite large. The refinancing rate is defined as the amount of ready interest to be transferred to the Central Bank for a loan product. The calculation of the refinancing rate in the territory of the Russian Federation is made according to the approved formula.
Refinancing rate in the Russian Federation
At the current time, the refinancing rate is the main indicator of the credit policy of the Central Bank of the Russian Federation. This rate is used for calculating interest, fines and taxation. The refinancing rate is considered to be the basis of monetary policy.
The calculation of the penalty interest at the refinancing rate was initially adopted by the Central Bank and was called the rate for all credit programs. Beginning in 1992, the size of this rate began to coincide with the rate on a pawn loan. Since 1993, the refinancing rate has reached the highest level and ranged from 100 to 210%.
What is the formula for calculating the refinancing rate?
The official formula according to which the refinancing rate is calculated is approved by the Central Bank of the Russian Federation. The size of the rate itself can be equated in economic stability, because almost all the characteristics of both a large organization and the characteristics of ordinary physical people depend on it.
The calculation of interest at the refinancing rate is carried out using a simple formula:
Penalty amount = (Amount * Interest rate) / 300 * days, where
Amount - the amount under the loan agreement;
Interest rate - the rate established by the loan agreement
Days - the total number of days within which there was a delay under the loan agreement.
Where does the refinancing rate apply?
For most people, the implementation of the refinancing rate is relevant only for lending. But you need to take into account that the rate has other areas of implementation. According to the Tax Code of the Russian Federation, 1/300 of the rate is charged for each day of missing payment in case of delay in payment of any type of tax.
Also, the size of the refinancing rate is applied when calculating the amount of taxation of personal income tax of a deposit in ruble equivalent. If the deposit rate exceeds the refinancing rate, which is set during the deposit period, then the deposit is taxed.
The tax basis for obtaining money from savings in the use of loan funds is also based on the basis of the refinancing rate. In this case, a penalty is calculated at the refinancing rate equal to 2/3 of the refinancing rate at the time of income generation.
In this case, if the employer delays the payment of wages, then he must make the payment with additional compensation. The amount of compensation should be more than 1/300 of the established refinancing rate. Compensation is calculated for each day of non-payment of wages.
Example of calculating interest at the refinancing rate
Let's say your employer has delayed wages. In the amount of 20 thousand rubles for 5 days. In this case, the calculation of compensation will be:
20,000 * 8.25% (the size of the refinancing rate as of 2014-11-03) / 300 * 5 = 27.5 rubles.
The amount, of course, is small, but with a huge time frame, it will increase significantly.
