The refinancing rate is a universal instrument of monetary regulation that is used for a variety of settlement transactions in business life. The ability to calculate interest at this rate is especially important in civil law relations.
Instructions
Step 1
The refinancing rate is set by the Central Bank of the Russian Federation. Without going into the economic details of the definitions and mechanisms of interaction of the Central Bank with other banks, the refinancing rate can be defined as the percentage at which the Central Bank lends to commercial banks. However, in addition to this, the refinancing rate is used in other monetary areas:
• Interest on ruble deposits in banks exceeding the refinancing rate by 5 points or more is subject to personal income tax;
• The tax base arising as income from savings on interest under the loan agreement is calculated as the difference between 2/3 of the refinancing rate and the amount of interest on the loan.
• If the deadlines for the payment of mandatory payments - taxes and fees - are violated, a penalty is charged, the amount of which is calculated as 1/300 of the refinancing rate for each delayed day;
• In civil law relations, if one of the parties fails to fulfill its obligations under the concluded agreement, the other party has the right to charge interest at the refinancing rate on the amount of the debt, unless otherwise provided by the agreement.
Step 2
In the last of the described cases, the need to calculate interest at the refinancing rate arises most often. To do this, you need to clarify 3 things. First, the current size of the refinancing rate. Secondly, the number of days delayed by the counterparty. Third, the exact amount of the debt that has arisen. The current size of the refinancing rate can be found on the website of the Central Bank.
Step 3
Having specified these numbers, it is quite easy to calculate the interest at the refinancing rate. To do this, perform three mathematical steps:
1. Divide the refinancing rate by the number of days in a year
2. Multiply the resulting value by the number of days of delay
3. Multiply the resulting interest by the amount owed.
