Having seen a very favorable interest rate on a deposit, it is worth considering that it can be taxed. In Russia, it is paid on the condition that the interest on the deposit is 5% higher than the refinancing rate.
When is the deposit tax paid?
Taxation includes income received from deposits with interest rates above 5% of the current refinancing rate, which is set by the Central Bank. Now it is 8.25%. Therefore, the tax is paid on deposits over 13.25%. On foreign currency deposits, the need to pay tax arises when the interest rate of 9% per year is exceeded.
The tax rate in this case is 35% for residents and 30% for non-residents. Earlier, preferential tax rates (13%) were supposed for pensioners, but since 2008 they have been canceled. The tax is paid only on income in excess of the established norms. For example, with a deposit with an interest rate of 15.5%, tax is paid only from 2.25%. The depositor gets his hands on the profitability of the deposit less withholding tax.
Another type of investment that is taxed is deposits in precious metals. Such deposits are taxed at 13%. It is charged on the entire amount of interest income.
In this case, only the nominal interest rate is taken into account, and not the effective one. It does not matter whether interest capitalization is provided for the deposit. The effective rate may exceed the statutory norms and there will be no need to pay tax to the state.
Procedure for payment of tax on deposit
In this case, the bank acts as a tax agent, and the client does not need to take any additional measures. Banks themselves fill out all the necessary certificates for the tax authorities and transfer money to the budget. That is why many depositors learn about the taxation of deposits with higher interest rates only at the moment they receive income from the deposit.
If during the period of validity of the deposit the refinancing rate changed, the obligation to pay tax will not arise. It is taken into account only what it was at the time of the conclusion of the contract or its prolongation.
There are situations in which the client can withdraw money from the deposit in advance. Then, in most banks, he will be paid income at the "demand" rate. Thus, tax payments should be reviewed. If the personal income tax has already been transferred, then it can be returned only upon the personal application of the taxpayer.
Example of calculating tax on deposit
For example, a contributor deposited 1 million rubles. for 90 days at 14.5% per annum. The difference between the maximum allowable and the established percentage is 1.25%. The base for taxation will be equal to 3028, 19 p. (1 million * 1.25 * 90/365 * 100). The tax amount will be 3028.19 * 0.35 = 1078.77 rubles.
It turns out that the profitability before tax will be 35,753.42 rubles. Net of tax - 34674, 66 rubles.
