Will there be tax on deposits? Taxation of deposits. Foreign currency deposits abroad

Owners of bank deposits rarely have a reason to think about the taxation of their additional income in the form of accrued bank interest. Partly because concerns about transferring the necessary tax to the state are shifted to the shoulders of credit institutions. Even though the taxpayers in the case of bank deposits are private individuals. We hasten to assure you that not all deposits are subject to taxation, but more on that below.

It happens that bank clients are surprised that the interest they receive is slightly less than what they had previously calculated. Bank managers explain that the amount was reduced due to the tax on deposit income already paid for the client. Another case when citizens remember about tax is the moment they fill out a declaration on the so-called Form 3-NDFL. Some individuals need (for example, to receive a tax deduction for the purchase of an apartment) to fill it out once a year. Such a report for the tax inspectorate must indicate the amount of previously accrued tax already paid to the state budget for the taxpayer by the bank.

Investors are not worried about the saying “pay your taxes and sleep well” when it comes to their investment deposits. Bankers, who are entrusted with the responsibility of tax agents to calculate the tax and transfer it to the budget in compliance with deadlines, tax rates and other legal norms, are worried about them. And the conditions of the game in our imperfect financial legislation change frequently.

It is more convenient for the state to monitor the implementation of the tax code through more law-abiding banking institutions than to expect that all private individuals will fulfill their duty before the law on time. After all, banking documentation is checked several times a year by various state supervisory authorities (tax inspectorate, Central Bank, auditors, etc.). Failure to properly comply with laws threatens not only with large fines, but also with the deprivation of a license for their financial activities. In addition, taxation of deposits is a complex matter; it is very difficult for non-professionals to understand.

The bank, as a tax agent, just like an employer, from the beginning of each year begins to keep records of the income of all individual depositors whose amounts are subject to taxation. This is expressed in filling out a certificate of income for the tax authorities separately for each person and monthly transferring the required amount of tax to the budget. The secrecy of the deposit in this case is strictly observed. The documents for tax authorities indicate only the amount of interest that falls under tax legislation, and not the entire amount of savings of a particular depositor in this bank. Let us remind you again that these are not all deposits in a row.

Upon written application from the client, a certificate of income of an individual is issued, exactly the same as the one issued by the employer to its employees with data on wages and income tax withheld to the budget. The certificate will indicate only the client’s income in this bank, which the bank itself will accrue in the form of deposit interest. And only those interest amounts for which personal income tax has already been calculated by this particular bank for the period since the beginning of the year.

Which individual deposits are taxable?

For the peace of mind of depositors, we will finally inform you that only selected deposits of individuals are subject to taxation, the fixed rate on which, for example, at the moment (September 2012), is more than 13% per annum. Why today, you ask? Because, according to the law, the tax base is determined based on the refinancing rate of the Bank of Russia, in effect at the time when the bank deposit agreement was concluded. The refinancing rate may change at any time. Which happens every year. It even happens several times. According to Article 214 of the Tax Code, in order to determine the base for calculating the tax, another 5% must be added to the refinancing rate (today it is 8% per annum).

For a better understanding, let's highlight three basic, but very different concepts touched upon in this article:

The deposit rate (or interest on the deposit) is dictated by the bank and fixed in the agreement with the client. The deposit rate is chosen by the depositor himself among various deposit offers;

The refinancing rate is determined by the Bank of Russia (or otherwise the Central Bank). The state bank lends to commercial lending institutions at this percentage. And yet, with the help of this financial instrument the state is trying to regulate the level of inflation;

The personal income tax rate is set by the state. The amount and procedure for calculation are fixed in the Law. There are different tax rates for different incomes. For bank deposits of residents it is equal to 35% and 30% for tax non-residents (i.e. citizens of another country). This value last increased in 2008. For wages and some other income, the personal income tax rate in Russia today is 13%.

Tax calculation example

Let's consider a simple example with the calculation of tax and the exact income that a depositor will receive on a deposit with a higher interest rate. So, today the refinancing rate is 8%. Let’s say that interest under the contract is accrued at the end of the term, i.e. in six months (182 out of 365 days a year). Let's look at the calculation for ruble and foreign currency deposits. Let's call the currency the Swiss franc (CHF), the rate of which is 33.9274 rubles. Conditionally, because at the moment there are no foreign currency deposits with a rate higher than 9% per annum.

As can be seen from the table, personal income tax is calculated:

— in ruble contracts for the difference between the deposit rate and the refinancing rate increased by 5 percent,

— in foreign exchange contracts for the difference between the deposit rate and the value of 9 percent.

These terms are subject to law and the tax code.

Until January 1, 2008, the tax code allowed a preferential personal income tax rate on deposits for pensioners; then it was 13%. But with the introduction of the new edition of the code, the benefits were canceled and the tax on pension savings is the same as for other citizens, i.e. 35% on the difference.

The above example implies a simplified version of calculating interest on a deposit, when income is accrued at the end of the term once. But there are deposits, according to the terms of the agreement, interest is accrued once a month or once a quarter. In this case, the tax agent does not wait for the end of the contract, but calculates personal income tax to the budget along with interest on the deposit, with the same frequency. Then a more complex calculation option is possible, since the accrued interest can:

— capitalize, i.e. increase the deposit amount, which means the tax amount will change,

- increase the deposit amount during capitalization so much that the interest rate on the deposit will also increase, if the agreement with the bank provided for a progressive interest rate. In other words, if when opening an agreement the deposit rate was 13% per annum for 900 thousand rubles, then no tax was charged. After increasing this amount to 1 million rubles. The deposit rate of 13.5% came into effect, which means that in the new period a tax will be charged on the amount exceeding the refinancing rate + 5%.

It happens that a bank client withdraws his deposit before its expiration date. Then the interest rate will most likely decrease to the demand deposit rate, as stated in the terms of the agreement regarding early withdrawal of savings. Tax payments are also being revised downward. If by this time the personal income tax has already been transferred to the budget for the investor, then it is possible to return it only if the taxpayer himself (i.e., the bank client) writes a special application for a tax refund.

When calculating the tax base, we also take into account the fact that during the term of the agreement the Central Bank refinancing rate also changes, either upward or downward. And it is even possible that this will happen several times over the entire period if the deposit is long-term, concluded for several years. For example, during the crisis year of 2009, the Central Bank changed its rate 10 times. Over the past five years, its maximum value was 13%. And the minimum value of 7.75% was in effect from June 2010 to February 2011. A special procedure for calculating tax is provided for in the Tax Code for a floating deposit rate.

Our site has already written about one of them. Income from a structured product can significantly exceed income from a bank deposit. This complex financial instrument is still not clearly described by tax legislation, so the form of taxation on it may be different. The tax here is calculated at both a rate of 13% and a rate of 35%, depending on the type of investment.

Special product - . Here, a deposit tax of 13% is charged on the entire amount of interest income.

Some investors will be interested to know that the State Duma is currently considering a bill to impose a fine on individuals who do not indicate their income from foreign deposits in their tax returns. Those who knew about this fact but did not inform the state will also be punished. For example, a Russian bank making a transfer from its client’s account to his own account in another state.

According to statistics, out of 5 million Russian private investors who placed funds abroad, only 300 thousand reported this fact to the tax authorities. Tax on income on deposits is paid to the budget of the country where the bank is registered. In some cases, there is a tax refund scheme to avoid double taxation. Lawmakers say the system is far from perfect.

Provides for the transfer to the state budget of a certain percentage of almost every type of income received: wages, inheritance, etc. Most bank clients, before opening a deposit, must also calculate what tax on individual deposits will need to be paid. This tax represents part of the income received from interest transferred to the budget. The system for calculating it changes quite often, so it is better to study this issue carefully before signing an agreement to open a deposit.

Which deposits are taxable?

Formally, financial income from deposits is subject to tax. This applies to both ruble deposits and programs in foreign currency. The fact of tax withdrawal from the deposit will not be affected by the terms of placement, options such as automatic prolongation, partial withdrawal or replenishment. Three parameters influence the withholding of personal income tax from a deposit:

• The volume of savings placed at interest;
• Interest rate for a specific deposit program;
• The refinancing rate for the current year established by the Bank of Russia.
• The income from the deposit subject to taxation will be the profit from it - the amount that increases the client’s savings due to accrued interest.

Amount of tax on deposits

However, the reality of the Russian economy is that a deposit in it is an ineffective instrument. Its profitability will only allow citizens to save money, blocking the impact of inflation. But the real profit from the deposit is minimal, and it can be equated to a small bonus for cooperation with the bank.

Therefore, to the question about the taxation of deposits of individuals in 2020, the answer is clear - no, it does not apply. In confirmation, we cite clause 1 of Art. 214 of the Tax Code of the Russian Federation. In accordance with it, income tax is paid on:

Deposits in Russian rubles, if their interest rate exceeds the refinancing rate determined by the Central Bank of the Russian Federation by five percentage points, for deposits in foreign currency, if their rate exceeds 9%.

In 2020, the refinancing rate (also the key rate in government documents) is 7.75%. If, in accordance with the law, we add five percentage points to it, we get 12.75%. This is the rate that a deposit program in rubles must have in order to be subject to personal income tax.

But by looking at the current offers on the market, it is easy to see that financial institutions do not offer deposits with such returns. The best interest rates on deposits range from 8–9% per annum - these are programs from, and some others. As for, in rare cases they reach 4%. The percentage is in the region of 2-3%, - up to 2%.

Procedure for paying tax on deposits

So, we have already decided that in practice taxes are not levied on interest on deposits: Russian banks do not offer citizens sufficient returns. But suppose that the deposit program includes capitalization interest, which in total exceeds the key rate - then the tax must be paid. How does this happen?

Unlike some items of income for which an individual submits a declaration to the Federal Tax Service, a deposit is less troublesome for the holder. Income tax on the deposit is calculated and withheld by the bank itself, and the depositor can only request reports on the transfer of personal income tax to the budget. The bank is obliged to provide them upon request at any time.

The tax does not include interest on ruble deposits,

paid from 01/01/2016 based on the refinancing rate (valid during the interest period), increased by five percentage points. This rule works if the deposit is placed in a bank located in Russia. This is provided for in paragraph 2 of the Tax Code of the Russian Federation.

Important: interest on ruble deposits received during the period from December 15, 2014 to December 31, 2015 is exempt from personal income tax within the refinancing rate (in force during the period of interest accrual), increased by 10 percentage points. This rule works if the deposit is placed in a bank located in Russia. Moreover, the date of opening the deposit does not matter for this (clause 3 of Article 214.2 of the Tax Code of the Russian Federation, letter of the Federal Tax Service of Russia dated January 22, 2015 No. BS-4-11/788).

If during the validity period of the deposit agreement the refinancing rate decreased and because of this the amount of interest exceeded the maximum amount, you do not need to pay personal income tax if the following conditions are simultaneously met:

• no more than three years have passed since the interest rate exceeded the refinancing rate increased by five percentage points. For the period from December 15, 2014 to December 31, 2015, the interest rate needs to be increased by 10 percentage points.

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Who pays personal income tax on interest on a ruble deposit or bank deposit?

These rules apply if the deposit is placed in a bank located in Russia. Interest on foreign deposits is subject to personal income tax in full (letter of the Federal Tax Service of Russia dated April 22, 2016 No. BS-3-11/1827).

If during the validity period of the deposit agreement the refinancing rate decreased and because of this the amount of interest exceeded the maximum amount, you do not need to pay personal income tax if the following conditions are simultaneously met (Article 214.2 of the Tax Code of the Russian Federation):

1. on the date of conclusion (extension) of the agreement, the interest rate did not exceed the refinancing rate increased by five percentage points. If the agreement was concluded (extended) during the period from December 15, 2014 to December 31, 2015, then compare the interest rate with the refinancing rate increased by 10 percentage points;
2. for the entire period of accrual of interest on the deposit, their amount did not increase;
3. no more than three years have passed since the interest rate exceeded the refinancing rate increased by five percentage points. For the period from December 15, 2014 to December 31, 2015, compare the interest rate with the refinancing rate increased by 10 percentage points.

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An example of calculating the amount of personal income tax in the form of interest on ruble deposits. During the validity period of the deposit agreement, the refinancing rate decreased

July 1, 2014 A.V. Ivanov entered into a ruble deposit agreement with the bank with a validity period of five years. The bank is located in Russia. According to the terms of the agreement, the interest rate is 17 interest, the interest rate does not increase.

During the term of the agreement, the refinancing rate was ( conditionally):

• from July 1, 2015 (date of conclusion of the agreement) to December 31, 2015 – 8.25 percent;
• from January 1, 2016 to April 13, 2016 – 11 percent;
• from April 14, 2016 to September 18, 2016 – 10.5 percent;
• from September 19, 2016 to the expiration date of the contract - 10 percent.

As of the date of conclusion of the contract until December 31, 2015, the tax-free limit is 18.25% (8.25% + 10%). The difference between the interest rate and the refinancing rate increased by 10 percentage points is negative: 17% – (8.25% + 10%) = – 1.25%

Therefore, Ivanov’s income in the form of interest on a ruble deposit for the period from July 1, 2015 to December 31, 2015 is also exempt from personal income tax in full.

From January 1, 2016 to April 13, 2016, the refinancing rate increased from 8.25 to 11 percent. The difference between the interest rate and the refinancing rate increased by 5 percentage points was 1 percent: 17% – (11% + 5%) = 1%

From April 14, 2016 to September 18, 2016, the refinancing rate decreased from 11 to 10.5 percent. The difference between the interest rate and the refinancing rate increased by 5 percentage points was 1.5 percent: 17% – (10.5% + 5%) = 1.5%

From September 19, 2016, the refinancing rate decreased from 10.5 to 10 percent. The difference between the interest rate and the refinancing rate increased by 5 percentage points was 2 percent:
17% – (10% + 5%) = 2%

That is, the maximum interest level has been exceeded. However, Ivanov’s income in the form of interest will not be taxed in full for three years starting from January 1, 2016 (Article 214.2 of the Tax Code of the Russian Federation).

From part of the excess interest income (2%) received by Ivanov on the deposit from January 1, 2019 to June 30, 2019, the bank will withhold and transfer tax to the budget at a rate of 35%.

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The procedure for taxing interest on bank deposits with personal income tax does not depend on whether the individual is an entrepreneur

Article 214.2 of the Code does not contain provisions limiting the possibility of its application by individuals registered as individual entrepreneurs, reminds the Ministry of Finance in letter No. 03-04-05/51080 dated 01.09.2016.

Thus, in relation to interest income on bank deposits received by individuals - individual entrepreneurs, the general taxation procedure for such income, established in Article 214.2 of the Code, applies. Those. if the interest received by an individual who is an individual entrepreneur on deposits in banks located on the territory of the Russian Federation does not exceed the limits established in paragraph 1 of this article, the tax base for such income is not determined.

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Hello, friends!

In my articles, I have repeatedly raised issues of saving and accumulating personal funds by citizens of our country. Until now, the most popular tool for this remains. Most people continue to take their free money to banks. But a survey I conducted showed that almost no one knows that deposit taxes are sometimes paid on deposits. It is also income tax, it is also personal income tax.

I hasten to calm you down. It is unlikely that this procedure will affect anyone in the near future. The tax base is calculated in such a way that a person who has paid personal income tax can be considered lucky. Let us envy him with white envy. Why? I'll explain in the article.

The tax on deposits falls under Chapter 23 of the Tax Code. According to Article 207, its payers are:

1. Residents are individuals who have been in the Russian Federation for more than 183 days in 12 consecutive months, and legal entities registered in our country and subject to its laws.
2. Non-residents are individuals and legal entities that are registered in the territory of a foreign state, but work in Russia.

Thus, both ordinary citizens, including individual entrepreneurs, and organizations and enterprises are required to pay personal income tax.

If an individual has an obligation to pay personal income tax, then there is no need to worry about this. The work of preparing documents and transferring the required amount to the budget will be undertaken by the financial and credit organization in which the deposit is opened. Legal entities do this on their own.

Taxation of income from citizens' deposits

Determination of the tax base

• in rubles,
• in foreign currency.

Residents pay both for investments in Russian banks and abroad.

Let's consider the definitions of the tax base:

• For ruble investments, this is the excess of the amount of interest accrued on the deposit over the refinancing rate + 5%.

From January 1, 2016, the key rate is used as the refinancing rate. This is the interest rate at which it issues loans to commercial banks. At the end of February 2019, its value was 7.75%. Thus, deposits opened at interest rates below 12.75% are not subject to personal income tax.

• For foreign currency investments, this is an excess of the interest amount over 9% per annum.
• For investments in foreign banks - the entire amount of income received in the form of interest. In this case, the responsibility for calculating and filing a tax return falls on the payer.

Income tax calculation

According to the Tax Code, the standard income tax rate is 13%. But in the case of paying personal income tax on deposits, the situation is different:

• 35% for residents of the Russian Federation,
• 30% for non-residents,
• 13% for residents with investments in foreign banks.

The Central Bank key rate is a dynamic value. Periodically, the Central Bank discusses its significance. It may not change at all or swing up or down. See how the rate changed in 2018.

If the rate is constantly changing, then how is the payment to the budget calculated? It is logical to assume that if its value decreases, it may not fit into the non-taxable parameters (key rate + 5%). But the Tax Code provided for this. If the Central Bank rate is reduced, income will not be subject to personal income tax if the following conditions are met:

1. On the date of opening the deposit, the requirement was met: key rate + 5%.
2. The bank did not increase the profitability percentage on its own initiative.
3. No more than 3 years have passed since the interest on the deposit exceeded the non-taxable limit.

Let’s imagine a hypothetical situation that in the near future the Central Bank will reduce the key rate to 3%. And you receive 8.5% per annum on your investments. It turns out that you no longer fit into the non-taxable income (3 + 5 = 8%). But you still won’t pay tax (see three conditions above).

Let's consider a conditional example of how personal income tax is calculated if the limit is exceeded.

In April 2018, you opened a deposit at 12.5% ​​per annum for 1 year in the amount of RUB 300,000. At this time, the key rate was 7.25%. Calculation steps:

1. We determine whether it is necessary to pay the state. Non-taxable limit = 7.25 + 5 = 12.25%. Therefore, we are obliged to pay personal income tax. But not from the entire investment amount, but only from exceeding the limit.
2. We determine the taxable base: 300,000 rubles. x (12.5 – 12.25)% = 750 rub.
3. Personal income tax will be: 750 rubles. x 35% = 262.5 rub.
4. In a year you will receive from your account: 300,000 + 37,500 – 262.5 = 337,237.5 rubles.

This calculation will be made by the bank, which will also transfer the required amount to the budget.

Thus, the amount that the investor will receive depends on:

• the amount of the initial investment;
• the key rate of the Central Bank in force during this period;
• the return that the bank will pay on investments.

We will carry out similar calculations for foreign currency savings. Let's imagine a completely fantastic situation when you invested $10,000 at 9.2% for 1 year (interest accrual date - 02/22/2019). The excess over 9% was 0.2%. The Central Bank exchange rate as of February 22, 2019 is 65.39 rubles.

1. Taxable base: 10,000 x 0.2% = $20 or 1,307.8 rubles.
2. To be issued at the Central Bank rate: 653,900 ($10,000) + 60,158.8 (9.2%) – 35% x 1,307.8 = 713,601.07 rubles.

Why in most cases you won’t have to pay

In order to answer the question posed in the title, let’s look at interest rates on ruble and foreign currency bank deposits as of February 2019. I will arrange them in descending order of profitability.

Conditions: amount 100,000 rub. for 1 year.

It makes no sense to describe even more financial organizations. Profitability will be even lower. For example, in Sberbank for the “Catch a Profit” deposit it is at the level of 7.5%.

For the investor to be required to pay income tax, the key rate must be less than 4%. This does not threaten our country in the near future.

Let's carry out a similar analysis for foreign currency investments.

Conditions: amount $10,000 for 1 year.

The picture here is generally deplorable. It will probably not be possible to cross the 9% limit established by the Tax Code any time soon.

At the beginning of the article, I wrote that a person who paid personal income tax can be considered lucky. He managed to find a super advantageous offer that would allow him to get a high return on his investment.

Taxation of interest on deposits of individual entrepreneurs and legal entities

Individual entrepreneurs, enterprises and organizations are subject to the same rules as individuals.

If an individual entrepreneur opened a deposit as an individual, then he does not pay anything if the yield is below the “key rate + 5%”. If money is deposited through an individual entrepreneur, then all income is taxed.

Legal entities pay income tax, which in this case will be the income received from deposits in commercial banks. The calculation procedure depends on what taxation system the company is on. But the tax is not paid if the percentage of income is lower than the same “key rate + 5%”.

Tax on deposits in foreign banks

Residents of the Russian Federation who receive income from funds placed in accounts in foreign banks are required to pay personal income tax. All income is taxed at a rate of 13%.

The payer independently calculates the payment to the budget and submits a declaration to the tax authorities. It is clear that income is received in foreign currency. In this case, the transfer amount is determined in rubles at the Central Bank exchange rate on the day of payment of interest on the deposit.

If a foreign bank, in accordance with the tax laws of its country, paid tax for you, then it can be credited to you. But only subject to the conclusion of an agreement between Russia and a foreign state on the avoidance of double taxation. If there is no such agreement, then you will have to pay both here and there.

The condition under which personal income tax is not paid if the yield in foreign currency is less than 9% works only for Russian banks. In foreign countries you will pay 13% of the total income.

Conclusion

As you can see, most citizens will not have to pay income tax on investments to the budget. But I wouldn’t throw this article away as unnecessary. The government periodically returns to discussing the issue of income taxation. I do not rule out that the rules of the game will change, and we will all start making contributions to the budget from our savings. How do you think this will turn out for the state?

Taxes on interest on deposits of individuals in Russia are still in effect today. In what cases must a client pay taxes on interest income on deposits?

What deposits are taxed on?

In accordance with Article 214.2 of the Tax Code of the Russian Federation, income in the form of interest received by an individual on a bank deposit is subject to taxation if the interest rate on the deposit exceeds the following amount:

• — the refinancing rate of the Bank of Russia, increased by 5 percentage points, for deposits in rubles of the Russian Federation;
• — 9% per annum on deposits in foreign currency.

The size of the Refinancing Rate today is equal to the value of the Key Rate established by the Central Bank, which means that when calculating taxes on interest on deposits, one must focus on this indicator.

You can find out the current value of the Bank of Russia Key Rate on the official website of the Central Bank of the Russian Federation.

What amount are taxes taken on deposits of individuals?

In the case of application of the specified interest rates, the tax base is determined as the difference between the amount of interest accrued in accordance with the terms of the bank deposit agreement and the amount of interest calculated on ruble deposits based on the refinancing rate of the Central Bank of the Russian Federation, increased by 5%, valid during the period for which accrued the indicated interest, and for deposits in foreign currency based on 9% per annum.

That is, the tax is taken only from the amount of income from interest on the deposit that exceeds the value of the Central Bank Key Rate + 5% in rubles or 9% in foreign currency.

The amount of tax on interest on deposits in the Russian Federation

The tax rate on interest income is

• — 35% for individuals who are tax residents of the Russian Federation;
• — 30% - for individuals who are not tax residents of the Russian Federation.

If the income to be paid to the depositor in the form of interest on the deposit is subject to taxation, the bank withholds the accrued amount of tax directly from the amount of interest due for payment to the taxpayer at the time of their actual payment.

But if you are offered interest rates significantly higher than the Key Rate, which you can see, then think about whether the game is worth the candle. Firstly, you will have to pay tax, and secondly, investing money can be very risky.