Tax Service of Sevastopol: tax on deposits is calculated on income exceeding a threshold amount

CrimeaPRESS reports:

In 2024, some citizens will pay amounts of personal income tax received in the form of interest on deposits (account balances) in Russian banks. In Sevastopol, tax notices included interest income in respect of 3,493 individuals in the amount of 81.3 million rubles.

Tax authorities receive the necessary information from banking institutions, after which the tax is calculated, the amounts of which are included in tax notice.

Note that not the entire deposit amount is subject to taxation, but only interest income exceeding the threshold amount. The threshold value is calculated using the following formula: a million is multiplied by the maximum key rate of the Central Bank of Russia, which was in effect during the year on the first day of each month. Considering that in 2023 the maximum value of the key rate was set at 15%, the non-taxable minimum is 150 thousand rubles (1 million rubles * 15%). Cumulative interest income received in excess of this amount is subject to taxation.

For example, in 2023, a citizen received income from deposits of 155 thousand rubles. In this case, the amount of 5 thousand rubles will be taxed, and the tax will be 650 rubles (tax rate 13%). If the annual income on interest deposits exceeds 5 million rubles, then the personal income tax rate will be 15%.

Let us clarify that the tax in its current version was introduced back in 2021, but as part of supporting citizens, a temporary moratorium was introduced, and income in the form of interest on bank deposits was temporarily not taxed. The moratorium ended in 2023.

This year’s tax must be paid no later than December 2. Citizens have access to various options for paying taxes, for example, through “Taxpayer’s personal account for individuals«, on the Federal Tax Service website in the service «Payment of taxes and duties»V personal account on the State Services website, as well as through the QR code placed on the notification. Payment can also be made through banking institutions by indicating the payment details or UIN posted in the notification.

source: press service of the Federal Tax Service of Russia in Sevastopol

Crimea news | CrimeaPRESS: latest news and main events