Most investors do not think about the tax on deposits of individuals. Having opened a deposit, the client expects to receive the amount calculated by him on the basis of the term, interest rate of the deposit. And often it comes as a surprise to him that taxes must be paid on his profit.
Not everyone knows about the obligation to pay
When opening a deposit, the majority of investors do not suspect that it will be necessary to pay taxes on the profit received (interest on the deposit). There are several reasons for this:
- Banking institutions themselves report on the income received by the investor, pay taxes. The main work of bank employees is to attract customers, so they rarely mention this to ordinary depositors. As a result, the depositor learns about the need to pay income tax on deposits only when it is closed and interest is received.
- Most of the funds placed by private individuals are not subject to taxation.
It is important to understand that all income received in this country is tax deductible. The income on deposits in the form of accrued interest is also the profit earned by the depositor. This is a fee for the opportunity to receive income, which is provided by the state.
Tax deductions are an honorable duty of a citizen. However, most depositors are not aware that interest on deposits, like passive income, is taxed.
What the law says
The obligation to pay income tax on deposits arises in several cases:
- if a deposit in rubles is opened and the interest rate on it is 5% higher than the refinancing rate (since 2016 this rate has been equated to the key one, which is 11%);
- when opening a deposit in foreign currency, the need to pay a tax on deposits of individuals will appear if the rate on it exceeds 9% per annum.
Timing effect
If the deposit term is not more than three years, the rate that is indicated when concluding the deposit agreement is involved in the calculation. And some banks offer floating interest rates that increase when certain conditions are met.
It is important to know that the tax on bank deposits must be paid when paying accrued interest, and not at the end of the deposit term. That is, if the conditions of the deposit provide for the payment of accrued interest every month, the tax will also be transferred to the budget every 30/31 days.
The bank in the vast majority of cases is a tax agent and calculates and transfers deposit taxes for the depositor. In addition, he independently submits tax reports for you (income statement). Therefore, the bank can ask for a 3-NDFL certificate, which in the future will come in handy for tax deductions.
What is good, to keep the contribution secret, its size is not indicated in the certificate. It contains only the amount of interest paid, which participated in the calculation of taxes, and the payments themselves.
What options can be
The simplest deposit involves the accrual and payment of interest at the end of the term of the deposit at the rate specified in the contract. Here the tax on income on deposits will be calculated and paid at the end of the deposit term.
We give an example. The client placed a deposit of 500 thousand rubles for six months. The deposit rate is 21% per annum. The contribution is simple, without capitalization, without the possibility of contributions, interest payments at the end of the term. Calculate the amount of tax.
Determine at what rate the tax will be calculated:
- 21 - (11 + 5) = 5%.
- (500,000 x 5 x 181: 365: 100) x 35% = 4339 rubles.
This amount will be deducted from the amount of income that the depositor will receive at the end of the term.
Please note that the calculation is made according to the new rules. Rather, the old ones, which since the beginning of 2016 have again begun to operate. In 2014, a law was passed that established a new level of income on deposits that was not taxed. He suggested an increase in the refinancing rate by 10 percentage points. instead of 5 pp That is, the tax on deposits was paid only in excess of 18.25% per annum.
This law was in force from the end of 2014 to December 31, 2015.
The tax on deposits in banks in foreign currency is calculated at the rate at the date of payment of accrued interest.
The interest rate may change over the term of the deposit. Then the tax will not be levied only when the rate was not higher than 16% (11 + 5), if the deposit is in ruble equivalent, or 9% in the case of a foreign currency deposit.
The tax on deposits of individuals is a little more complicated if it involves capitalization. There are also possible bet options that depend on the amount. In addition, each period will have its own base for calculating tax, because interest will be added to the deposit amount.
If the deposit is terminated early
The deposit agreement provides for early termination, at which the interest rate is recalculated in the direction of its reduction, and it is very tangible. Then the credit institution recounts the amount of interest for the entire term of the deposit.
In this regard, income that is taxable is lost. And there is a need to return the accrued and paid personal income tax amount. Art. 231 of the Tax Code of the Russian Federation indicates that a taxpayer can return the amount of tax that is overpaid by contacting the tax inspectorate at the place of residence with a written statement.
What is important to know and understand
If the deposit is issued for a period of up to three years, you can not monitor the refinancing rate (that is, the key rate) of the Central Bank of the Russian Federation. It is important only at the time of signing the deposit agreement. If all conditions are met, you will not have to pay a deposit tax at banks. An exception here is the growth of the deposit rate itself: if it exceeds threshold values, it will be necessary to pay tax to the treasury.
If the depositor makes a deposit in precious metals, all income received by the depositor will be taxed . However, the calculation will be carried out at a rate of 13%.
Deposits in Sberbank
One of the most popular banks in the country also offers a wide range of deposits. All of them have their own characteristics:
- Duration of deposit. There are term deposits of three months. There are long up to three years.
- The amount of the deposit.
- Deposit currency (today you can make a deposit in three currencies: ruble, euro or US dollar).
- Capitalization. The interest rate depends on whether there is capitalization or not.
- The possibility of replenishment.
- Ability to manage the deposit yourself.
Sberbank depositors have the opportunity to open a deposit in precious metals that have such advantages:
- income is determined by the value of these metals in the market;
- lack of fees for opening and maintaining an account;
- no need to pay VAT;
- service speed - about 10 minutes.
The best option for today is a savings certificate, the rate at which is 11.5% per annum. However, it does not fall under compulsory insurance.
Another product worth a closer look is Save, with 9.07%. You can open up to three years, does not provide replenishment.
We conclude: there is no need to pay taxes on deposits at Sberbank. Rates on them do not exceed the permissible limits. True, do not forget that this does not apply to deposits with precious metals: here it is paid from all income.
What is in Ukraine
Not so long ago, a single tax on deposits was introduced in Ukraine, which abolished the previous one, which was progressive.
Now the tax on deposits in Ukraine is 15%, and it is paid by all investors regardless of anything. Previously, the rate was progressive, and the tax was paid if the amount of deposits exceeded 20 thousand hryvnia. With an increase in the amount, the rate also increased (25% had to be paid on income on deposits over 1 million hryvnias).
Most likely, this was done in order to stop the fragmentation of the amount of savings into small parts to evade payment.
The tax agent, as in the Russian Federation, is the bank. He independently calculates the amount of tax from the deposit of the depositor, makes the necessary transfers to the treasury. The bank performs these actions at the time of accrual and payment of interest. To preserve the secrecy of deposits, the institution does not indicate in the tax return the data of the depositor, the amount of the deposit, accrued interest.
Note that these innovations will not affect card and current accounts, salary projects.
Draw conclusions
We formulate the main conclusions mentioned earlier:
- Interest on deposits is established by the credit institution and are prescribed in the contract. The depositor chooses the rate based on his desires, opportunities and offers on deposits.
- The refinancing rate is determined by the Central Bank of the Russian Federation. It determines the interest rate at which it grants loans to commercial banks. It also affects inflation.
- The tax on deposits of individuals is established by the state. The Tax Code prescribes the calculation procedure. The tax amount for residents of the country is calculated based on 35%, non-residents (citizens of another country) pay 30%.
Deposits for which at the time of signing or prolongation of the contract interest rates did not exceed the refinancing rate of the Central Bank of the Russian Federation + five pp However, there is a reservation that during the period of accrual of profit the amount of interest on the deposit did not increase. And if from the date when the deposit rate has become higher than the refinancing rate increased by 5 percentage points, a maximum of three years has passed.