The Federation Council has approved the law on levying personal income tax on interest income on deposits

Photo: depositphotos/LUNNO

the Federation Council approved the law, according to which personal income tax at a rate of 13% will be levied on total annual income amounts on deposits in excess of one million rubles, RIA Novosti reported.

According to the law, the tax base comes from the tax on the interest that exceed the amount of interest calculated from the product of one million rubles and the key rate of the Central Bank.

So, if the current key interest rate of 6% non-taxable income amounted to 60 thousand rubles. In addition, the calculation excludes deposits with an interest rate less than 1%, as well as escrow account. Under this exception, in particular, and subject to the salary accounts.

the New order will work in 2023. Thus, the first payment citizens will have to do until December 1, 2023. Russian banks will be obliged to provide information about paid to each depositor interest to the representatives of the tax service.

Previously, the law was approved by the deputies of the state Duma of the Russian Federation. On 25 March the President of Russia Vladimir Putin during his address to the citizens spoke about the intention to introduce the tax in 13% of the interest from deposits of one million rubles and more. Also there will be a tax of 15% on output abroad dividends and interest.

Also at a special meeting of the members of the Federation Council approved the law, allowing to quickly increase the budget allocations from the reserve Fund of the government. In addition, the senators agreed with the decision to allocate funds to combat coronavirus without editing the budget.

the Chairman of the upper house of Parliament Valentina Matvienko has proposed to allow manufacturing of medical masks and antiseptic without a license.

All in Russia at the moment, discovered 2337 persons infected with the coronavirus. 500 recorded cases of infection have on the last day. Cases are located in 73 regions of the country.

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