“Higher rate – lower tax”: rich bank clients will save on payments to the state

Update Post: November 28, 2023 10:10 pm

The tax deduction on interest for millionaires will be 150 thousand rubles.

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Next year, Russians will pay taxes on deposits for the first time. It was introduced in 2020, but was never collected. The government delayed it, first because of the pandemic and then because of the sanctions. But this year the concession was eliminated. KP.RU reminds how the tax will be collected and who will have to pay it.

How will they count?

The formula is simple. It has only two values: one million rubles and the key exchange rate of the Central Bank. With its help, the tax office will determine the amount of income that is not subject to tax.

Currently, the key rate is 15% per year. Therefore, interest income of 150 thousand rubles (this is 15% of one million) will not be subject to tax. Anything above that will require you to pay taxes. That is, if you kept two million rubles in deposits at 10% per year and earned 200 thousand rubles on them this calendar year, then the state will have to donate 13% of 50 thousand. This is 6500 rubles.

Another example. If there was a million rubles at 13% per annum and you received 130 thousand in interest in 2023, then you do not need to pay anything. And finally, the third example. If you have 10 million rubles, but you only get 1% in a savings account, then you don’t need to pay anything either. Because you earned only 100 thousand rubles in interest.

At the same time, the formula previously included a key rate at the beginning of the calendar year. In January 2023 it was 7.5%. But due to the sharp increase in the key rate of the Central Bank (it doubled), the Ministry of Finance decided to take pity on the depositors. And now the amount of the tax deduction is calculated at the maximum rate during the year. Now it is 15%. If the Central Bank does not raise the rate again in December, 15% will remain. If it increases to 16%, the tax deduction will increase to 160 thousand rubles.

I have several deposits. Are they all counted or separately?

The total amount of interest on deposits and other savings accounts that you received in all the banks of which you are a client is calculated (refund on cards does not count, because it is not considered income, but rather a discount). That is, it makes no sense to divide the amount and deposit it in different banks.

Over the past three years since the adoption of the law, the tax office has managed to establish an exchange of information with all banks. These, as tax agents, send data on the interest received by each client. The Federal Tax Service will summarize everything, issue a single invoice and send a notification to each taxpayer’s personal account, to the portal of government services or to a physical mailbox (depending on its digital sophistication). This will happen in late summer or early fall of next year. The tax must be paid before December 1 of the following year. So are property taxes.

How much can the State collect?

According to the Central Bank, citizens currently hold more than 32 trillion rubles in deposits and various bank accounts. But, on average, these are small amounts – tens and hundreds of thousands of rubles. According to experts, the new tax will affect only 1% of investors. But the amount of fees will still be decent: from 100 billion rubles, they made a calculation in the Ministry of Finance and included it in the revenue side of the budget for next year.

Is there a way to pay less?

Well, maybe just next year. This one is almost over. Investors have already received most of the interest or will receive it at the end of December. Even if you do not intend to withdraw money from your account, the bank will already transmit information about your income to the tax office.

You can only invent different schemes for next year. First, distribute the egg capsule in equal proportions among all adult family members. This will increase the amount of the tax deduction. Second, transfer some of the money to exchange-traded funds linked to the Central Bank’s key exchange rate. There is no regular income credited to the account. It only increases the value of the shares themselves. If you don’t sell them, you make no profit, which means you don’t incur taxes.

There is another option: withdraw money from the account and keep it in cash. But he is from the series “Despite the tax authorities, I will freeze my ears.” With such inflation and such deposit rates, it is stupid to freeze large sums at home. Even to save on taxes.

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November 21, 2023 11:53 am