Tax on deposits over 1 million rubles

2024 Author: James Gerald | [email protected]. Last modified: 2023-12-17 14:00

Financial news makes Russians wonder where to invest. Many are accustomed to keeping money in a bank, so they are interested in what the tax on deposits over 1 million rubles will be in 2021. A bill with a precise rate has already been approved on this.

How many deposits will the law apply to?

For the first time, the introduction of a tax on income on deposits over 1 million rubles was announced in May 2020 by the President of the Russian Federation. After public dissatisfaction, the press secretary of the head of state contacted.

According to Peskov, the tax is a forced measure to replenish the country's budget.

There were a lot of people who reacted negatively to this innovation. However, Dmitry Sergeevich said that most of the Russians will not suffer. Tax deductions will be made only by those people whose total amount on deposits is more than 1 million rubles. Such, according to the press secretary, are less than 10% in Russia.

What tax will be introduced in 2021

The tax rate will be 13%. It will be charged only from the income received by the owner of the contribution. The principal amount on the account remains unchanged. The obligatory contribution to the state budget will be levied only on income - the amount that the account holder received for keeping funds in the bank.

Tax deduction and specifics of calculating the mandatory contribution

The latest news from 2021 reports that the calculation of the amount of tax to be paid will be based on a complex formula. The income that a person receives from 1 million rubles will not be taxed. Therefore, a deduction must be made before calculating the mandatory contribution.

For example, the deposit amount is 1.7 million rubles. The tax deduction is calculated using the key interest rate. It can change, so it must be checked on the website of the Central Bank of the Russian Federation. At the end of 2020, it is 4.25%.

The amount of the deduction is 42.5 thousand rubles (1 million * 4.25%). The income on the deposit for the year at the bank's rate of 5.3% will be 90.1 thousand rubles. The amount taxed at 13% is adjusted for the amount of the deduction: 90, 1 - 42, 5 = 47, 6 thousand rubles.

Thus, the owner of a bank account will have to pay a tax of 6,188 rubles per year. It will be calculated as follows: 47 600 rubles. * 13%.

Will preferential categories of citizens be allocated?

The new law does not say anything about the privileged categories of citizens. The imposed tax will be a mandatory measure for both young people and pensioners. It will be required to pay:

1. Large families.
2. Single mothers or fathers.
3. Non-working citizens.
4. Disabled people.

However, the law provides for one exception. Those whose interest rate under an agreement with the bank is less than 1% per annum may be exempted from paying tax on savings income over a million rubles. Also, the obligatory contribution to the state budget will not be charged from the owners of demand deposits.

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When will the first taxes be paid?

Since the law on levying tax on income on deposits will come into force in 2021, the first contributions to the Federal Tax Service will begin to arrive only in 2022. This will happen according to the scheme familiar to Russians.

For the previous tax period, the person will receive a notice of the amount payable. It will be necessary to fulfill the obligation before December 1 of the year in which the letter from the tax service was received.

Income received on deposits in 2020 will not be taxed. Consequently, savings account holders will need to make payment by December 1, 2022 for the previous reporting period.

Do I need to submit a declaration

Based on the latest news from 2021, a tax return must be submitted without fail. However, the Russian government decided to simplify this procedure. Account holders do not need to complete and submit this document to the Federal Tax Service.

This function will fall on the shoulders of bank employees. Managers will independently fill out the declarations and send them to the tax authorities. Representatives of the latter will calculate the base and the amount to be paid. Only after that, the owner of the deposit will receive a notification with the amount of tax and will be obliged to pay it by December 1.

How to avoid tax payments

Many people think that the tax on the deposit is easy to get rid of. Social network users immediately came up with a way out of the situation after the news. The majority suggested dividing the deposit into different banks.

The law provides for such actions. According to the decision of the Government of the Russian Federation, income from all savings accounts will be taxed if their total amount exceeds 1 million rubles. All bank deposits will be taken into account.

The only legal way to get rid of taxes on income on deposits is to divide the amount into relatives.

A citizen of the Russian Federation can open a deposit for 1 million rubles and receive income from it without paying tax. That part of the savings that exceeds the limit established by law can also be deposited at interest, but an account can be opened for the next of kin.

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Why the new law is dangerous for the state

The banks of the Russian Federation already have low interest rates. If it is necessary to pay tax on income, then many savers will begin to withdraw part or all of their money. This will have a negative impact on the banking sector.

Someone will start investing in securities, others will acquire foreign currency. Some experts say that people will start withdrawing funds to overseas accounts. This will affect the economy of the state as a whole.

Outcomes

In 2021, a law will come into force, according to which holders of savings accounts with an amount of more than 1 million rubles will be required to pay income tax. It will be calculated at a rate of 13%, but with a deduction. Benefits or tax reductions are not provided for any category of citizens, even for pensioners.