A depositor choosing a bank deposit is most often guided by the maximum interest rate. However, it is worth knowing that in some cases, the profit from a bank deposit may be taxed. How to choose a deposit from which you do not have to pay tax?
Today, a deposit insurance system operates in the Russian Federation, which allows the owner of temporarily free funds to place up to 700 thousand rubles on a bank deposit with practically no risk: in the event of bankruptcy or other troubles at the bank in which the depositor has placed the deposit, he will receive insurance compensation from the Deposit Insurance Agency. This allows citizens to choose the maximum interest rate among banks participating in the deposit insurance system. However, when choosing a deposit in a particular bank, it is useful to take into account that in some cases the final profit from its placement may be taxed. Given this information, a contribution from which you do not have to pay tax may turn out to be more profitable than one at which the rate is higher, but tax is provided. Taxation is applied to deposits of individuals in two cases.
Taxation of deposits in rubles
The tax on a ruble deposit will have to be paid if the rate on it exceeds the refinancing rate set by the Central Bank of the Russian Federation by more than 5%. Thus, in order to understand whether your deposit falls under the obligation to pay taxes, it is useful to read Bank of Russia Ordinance N 2873-U dated September 13, 2012 "On the amount of the refinancing rate of the Bank of Russia", which determines that at the moment it is 8.25% per annum. Thus, ruble deposits are subject to taxation, the rate of which exceeds 13, 25% per annum.
Taxation of foreign currency deposits
With regard to deposits denominated in foreign currency, the marginal rate above which the owner of the deposit has an obligation to pay taxes is determined by article 214.2 of the Tax Code of the Russian Federation in absolute amount. The size of this interest rate is 9% per annum. Thus, tax will have to be paid on the profit on a deposit with a higher rate.
Amount of tax
The current legislation establishes that the tax rate on income on deposits for residents of the Russian Federation is 35%. However, it should be borne in mind that the specified rate applies only to that part of the income on the deposit that exceeds the limit established by law. So, for example, if the rate on your ruble deposit is 14%, the tax will have to be paid only on income in the amount of 0.75% per annum, that is, that part of it that exceeds the permissible maximum of 13.25% per annum.
