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In 2022, individuals will need to pay personal income tax in the amount of 13% on income from bank deposits received in 2021. Interest income paid on foreign currency deposits (accounts) is also subject to taxation. Deputy Head of the Retail Business Department of BBR Bank Larisa Meshcheryakova told how to correctly calculate the amount of tax.
The amount of interest income, which is not subject to taxation, is calculated according to the formula: 1,000,000 rubles. x the key rate of the Bank of Russia, which was 4.25% as of January 1, 2021, and 8.50% as of January 1, 2022.
Tax-free interest income received in 2021 will amount to 42,500 rubles, and in 2022 it will be 2 times more - 85,000 rubles. Taxation (13%) is subject to the difference between the amount of interest income received by the depositor on deposits and the non-taxable amount. So, if in 2021. the depositor received interest income on the deposit of 50,000 rubles, then the amount of 7,500 rubles is subject to taxation. (50,000 - 42,500). Therefore, the tax amount will be 975 rubles.
“Thus, with an increase or decrease in the key rate of the Bank of Russia, the amount of non-taxable interest income will increase or, accordingly, decrease, which is what the above example shows. Interest paid on foreign currency deposits (accounts) will be converted into rubles at the official exchange rate of the Bank of Russia on the day the income is actually received. At the same time, if there are several deposits in one or different banks, interest income will be summed up,” explains Larisa Meshcheryakova.
However, the following are not subject to taxation:
– income on accounts opened at a rate below 1% per annum (only on deposits in rubles);
– income from escrow accounts that are used in mortgage lending.
Until February 1, 2022, banks will provide the Federal Tax Service of Russia with information for calculating personal income tax. Based on this information, a consolidated notification for the payment of taxes, including property taxes, will be generated. Declaration of such income by an individual is not required. The tax authority will independently calculate the amount of tax at the end of the year and send a notification for the payment of personal income tax. For the first time, depositors will have to pay this tax for 2021 until December 1, 2022. 13.01.2022