From January 1, 2023, for income from deposit the tax benefit will be not applicable. It was an exemption from tax on interest on deposits in Russian banks received in 2021 and 2022 (Clause 91, Article 217 of the Tax Code of the Russian Federation).
But at the end of March 2022, the President of Russia signed a new law that temporarily allowed individuals not to pay tax on income from deposits. According to it, individuals should not pay personal income tax on interest income on bank deposits received in 2021−2022. Thus, in 2022 (on income received in 2021) and 2023 (on income received in 2022), there was no need to pay such a tax.
From January 1, 2023, this benefit will cease. The income tax rate will be the same for residents and non-residents — 13% personal income tax.
For interest income from deposits, the state has introduced a non-taxable amount of income. Anything above this amount is taxed. The amount exempt from tax will be calculated as follows: the maximum key rate of the Central Bank for the year is multiplied by the amount of 1 million rubles.
Thus, for now, the non-taxable amount of interest will be 130,000 rubles. If the Central Bank raises the rate again by the end of 2023, the tax-free amount will increase.
How many deposits you have and for what amount does not matter. It is important whether the total interest you receive exceeds the non-taxable minimum. If yes, then tax will have to be paid.
If an individual has bank deposits in foreign currency, he must also pay taxes according to the new scheme, regardless of the rate. Income will be recalculated into rubles at the Bank of Russia exchange rate that was in effect on the interest payment date.
Income from deposits with an interest rate of no more than 1% per annum and income from escrow accounts will not be subject to income taxes.
Individuals need to pay tax on deposits by themselves. But they don’t have to file a declaration. Banks will send information about deposits and income to the Federal Tax Service. They must report by February 1 of the following year.
If income from the deposit exceeds the tax-free base, the Federal Tax Service will notify the individual. Taxes for the previous year will need to be paid by December 1 of the following year. For example, for 2023 — until December 1, 2024.
