Maxim Moukhovikov Flightman + Priest | Moscú-Rusia
Starting January 1, 2021, income from bank deposits exceeding 1 million rubles will be taxed at a rate of 13 percent1.
Taxation of interest income
The Draft Law provides that interest income on bank deposits will be taxed at a rate of 13 percent2. At the same time, the deposit amount itself will still not be taxed.
Since the changes will enter into force on January 1, 2021, the tax will be calculated from interest income received from January 1, 2021. One will have to pay it for the first time in the next tax period, that is, not earlier than 2022.
What happens to foreign currency deposits?
For deposits in foreign currency, the income will be converted into rubles at the exchange rate of the Bank of Russia at the date of receipt of income5. In this case, the ruble revaluation of foreign currency deposits will not be additionally taxed.
Income, the interest rate on which does not exceed 1 percent per annum, is not subject to taxation, as well as income from escrow accounts6.
1 Draft Law No. 862653-7 “On Amendments to Parts One and Two of the Tax Code of the Russian Federation and Certain Legislative Acts of the Russian Federation” (the “Draft Law”). 2 Part 4 of Article 2, ibid. 3 Ibid. 4 The key rate of the Bank of Russia as of April 1, 2020 is 6 (six) percent. Accordingly, 1 (one) million rubles × 6 (six) percent = 60 (sixty) thousand rubles. 5 Part 2 of Article 2 of the Draft Law. 6 Ibid.
Departamento de Comunicación28/05/2020
In Balms Abogados we wanted to celebrate the beginning of the end of confinement, sending our friends, family, clients and society, in general, a message of hope, optimism and confidence in the return to normality, not the new normality. And we could not think of a better way to do it than through music.