26 March President signed the law, which, among other things, cancels NDFL from income on bank deposits and accounts, received in 2021 and 2022.
Also, the taxation of such income changes slightly., to be received in 2023 and beyond. But the tax on bond coupons was kept.: it will have to be paid both in 2021 and in 2022, and in the following years.
The new rules came into force immediately after the publication of the law. Here's what's changed for savers.
As it used to be
From 2021, it was necessary to pay personal income tax from the interest received on bank deposits and accounts., if such income for the year exceeded the limit. Tax-free income was defined as 1 000 000 R, multiplied by the key rate of the Central Bank on 1 January of the year, in which income is received. If the income exceeded this value, then from the amount of excess it was necessary to pay personal income tax.
For example, at the beginning of 2021, the central bank rate was 4,25% per annum. Means, in 2021, you could get up to 42 500 P in the form of interest on deposits and accounts and not to pay personal income tax on this amount. If the income for the year was 50 000 R, to s 7500 P - the amount of excess - would have to pay personal income tax.
The tax had to be paid in a year, next to follow, in which the income was received. The tax office, based on data from banks, would send a notification to those depositors., who should have paid personal income tax.
As it is now
From interest on deposits and bank accounts in Russia, received in 2021 and 2022, there will be no tax. It does not depend on the amount of the deposit, the rate of the Central Bank or the amount of interest received - such income is included in the list of income, non-taxable personal income tax.
Interest on deposits and accounts, received in 2023 and beyond, will be subject to personal income tax, but a little different, like before. Income, from which you do not have to pay tax, will not depend on the rate of the Central Bank on the first day of the year, and from the maximum rate of the Central Bank from among those in force on the first day of each month in the year, when the income was received.
For example, on 1 June 2023, the rate of the Central Bank will be equal to 10% per annum. And on the first day of the remaining months of this year, the key rate will be lower.. Then, to tax income from deposits for 2023, the tax office will use the rate of the Central Bank in the amount of 10% per annum as the highest for the year.
This approach is more profitable for depositors. In the event of a noticeable increase in the rate and a corresponding increase in the profitability of deposits, the risk of, that you will have to pay tax: amount of income, non-taxable personal income tax, will also grow.
What this means for investors
Deposits now look even more interesting, than short OFZs with a constant income - OFZ-PD. Deposits for 3-6 months have a higher yield, than OFZs with a similar maturity, there are no taxes.
With interest, received in 2023, will have to pay personal income tax in 2024, if the income from deposits and accounts exceeds the tax-free limit. It's worth remembering this, opening or replenishing deposits for large amounts, on which interest will be paid in 2023 and later.
And one more thing
This law made other changes to the tax code.. So, individuals were exempted from income tax in the form of material benefits - savings on interest on loans - in 2021-2023, and the increased transport tax will have to pay for cars more expensive than 10 million rubles, not 3 million, like before.
Business support is also provided. Accredited IT companies for 2022-2024 will be exempt from income tax, and for hotels for five years will reduce VAT from 20% to zero.
We will tell about these changes in separate articles.
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