Collection point: who will pay income tax on deposits in 2025
Russians will have to pay tax on income from deposits by December 1, 2025, following the results of the past year. Those who earned more than 210 thousand rubles on deposits will be subject to it. This much could be received if you keep at least 1.2 million in accounts, but the figure varies depending on the conditions of banks, which in 2024 were very attractive, experts explained. Why next year the authorities plan to get from this fee twice as much revenue to the budget - in the material "Izvestia".
How the tax on income on deposits is calculated
In the coming year, Russians will pay tax on interest on deposits for the second time - on the results of income received in 2024. The nontaxable base in this case is calculated as 1 million rubles multiplied by the maximum value of the key on the first day of each month in the reporting year. That is, the rate level as of December 1, 2024 - 21% - is taken into account.
Thus, the income on which you do not have to pay tax at the end of the year will amount to 210 thousand rubles. The amount over this is taxed at the rate of personal income tax at 13% (and if the total income of a person was more than 5 million rubles - 15%). The payment must be made before December 1, 2025. The Federal Tax Service will independently calculate the amount of tax and notify those who must pay it.
In 2023, the non-taxable amount was Br150 thousand, since the key was lower. According to the FTS, 1.8 million taxpayers were obliged to pay the fee in the outgoing year. According to a preliminary estimate of the tax service, the total amount of Br114 billion should go to the budget under this article. "Izvestia" sent an inquiry to the Federal Tax Service.
How much money should be on deposit to pay the tax at the end of 2024?
When the tax was introduced, it was positioned that it would have to be paid by holders of deposits over 1 million rubles. However, in the end, the authorities decided to start from the amount of income from the deposit, so the amount of funds needed for such income on deposit will be individual for each person, said Freedom Finance Global analyst Vladimir Chernov. He specified: the figure depends on the month in which the savings product was opened and at what interest.
- According to the Finuservices portal, at the end of 2023, the average rate on deposits for a year in the top 50 Russian banks was 12.7%. If we assume that a person a year ago put money in the bank at this rate and for such a period, and received income only in December 2024, then to get under the tax the amount of the deposit should have been 1.65 million rubles - calculated analyst of FG "Finam" Igor Dodonov.
But a person could open a deposit for a shorter term, and then extend it several times and thus get a noticeably higher yield. For example, if the client extended a three-month deposit on the most favorable terms, he would have received about 17% per annum in the past year, said an expert on the stock market "BKS World of Investments" Lyudmila Rokotianskaya. At such a percentage, only deposits from Br1.2 million will fall under the tax.
Banks offered the highest rates on deposits in 2024 by the end of the year. According to the Central Bank, the maximum yield on deposits, which do not require any additional conditions, amounted to almost 22% at the end of November. However, if people open a deposit with such conditions in December, they are likely to receive income in 2025, which means that they will pay tax on it in 2026.
How much tax on income from deposits will bring to the budget
There are no official statistics on how many citizens have savings products in total. According to the VTsIOM survey, almost every third Russian has deposits. The share of citizens who have to pay tax is 1-2%, estimated Vladimir Chernov.
- According to the Deposit Insurance Agency, as of October 1, 2024, 95.9% of the deposits did not exceed 1 million rubles, and another 1.6% had deposits in the range of 1-1.4 million rubles. So, in all likelihood, there will be very few tax payers," agrees Igor Dodonov of Finam.
This year, Russians have actively carried money on deposits. In the first six months of 2024, according to the Central Bank, the population's funds on deposits and current accounts grew by 4.8 trillion rubles - this is 2.5 times more than in the same period of 2023, when the increase amounted to 1.8 trillion. According to the regulator's estimates, the funds of individuals in banks at the end of 2024 will grow by a quarter.
In this regard, the Ministry of Finance expects Br251 billion in federal budget revenues from income tax on deposits in 2025, as follows from the financial plan. This is twice as much as it was planned in 2024 (108 billion). In 2026, they are expected to grow even higher and amount to 262 billion rubles, and in 2027 - up to 173 billion.
- The government's estimate of budget revenues from the tax on interest on deposits probably already takes into account the information on deposit growth. They are likely to be close to the forecast, and expectations for further growth are quite reasonable," said Igor Dodonov of Finam.
According to Vladimir Chernov, now the forecast looks achievable, especially if economic conditions are favorable, the income of the population is high, and interest rates on deposits will remain at the same favorable level.
