Tax Code. Archive photo MOSCOW, January 3 On January 1, 2021, amendments to Article 214.2 came into effect, affecting the taxation of interest on deposits. Strictly speaking, interest on deposits was previously taxed, but only if the amount of interest exceeded the amount calculated on the basis of the refinancing rate of the Bank of Russia + five percentage points for ruble deposits and nine percent for foreign currency deposits. Obviously, these threshold rates significantly exceeded the real deposit rates of Russian banks, which removed most of the interest income from taxation, Elizaveta Mikhalkina, senior manager and consultant in the field of taxation of individuals at PwC in Russia, emphasized in a conversation with the Prime agency. Starting from this year, the tax base is determined based on the amount of interest actually received (except for interest on escrow accounts and on ruble accounts with a rate of no more than one percent). Taxation is subject to interest in excess of the amount calculated as one million rubles multiplied by the key rate of the Central Bank. effective as of January 1 of the tax period (calendar year), «Mikhalkina explained. This means that taking into account the values of the key rates of the Bank of Russia as of January 1 of the corresponding year, the interest income on deposits for 2021, not taxable, amounted to 42,500 rubles, the financier calculated. Thus, the difference between the taxation of interest on bank deposits in 2021 and 2022 is reduced to a change in the amount of non-taxable interest income. Interest on deposits in foreign banks is also taxed in full, the agency's interlocutor reminds. from January 1
