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Some Russian depositors who received dividends on bank deposits in 2023 will receive tax notices indicating personal income tax on such interest starting in 2024.
As experts explain, people who do not want to pay this tax next year must now find a way to avoid it. The expert said that citizens could influence the profitability of their deposits and thus minimize the likelihood of taxation.
First of all, you should remember that the amount of interest income exempt from personal income tax changes every year. It depends on the value of the main interest rate of the Central Bank of the Russian Federation for the year in which the tax is calculated. The maximum values are taken from the values valid throughout the year as of the 1st day of each month.
It is not yet known how the regulator's key rate will change in 2024, but as of January 1, it was 16% per annum. This means that 160,000 rubles in the form of interest on bank deposits will definitely not be taxed this year.
This means that in 2024, Russians will be able to open deposits worth up to one million rubles and not pay taxes on the interest on these deposits. Given the current value of the Central Bank's key rates, the amount of the dividend will certainly be below the tax base.
Secondly, when determining the tax base, the total amount of interest received by a citizen throughout the year on all deposits and accounts is taken into account, except for ruble demand accounts at a rate of up to 1% per annum. Escrow account.
It does not matter when exactly the contract for opening the deposit was concluded with the bank, but most importantly, in which year the bank accrued interest on it. Therefore, it is advisable to make deposits for a period of less than a year, where the amount of tax-free income is known, or to choose deposits where interest is accrued monthly, and not the entire amount immediately upon maturity. Contract
Third, it is important to understand that the IRS does not combine the income of two investors who are each other's spouses, parents, or children because interest income is treated separately.
Therefore, a large deposit can be divided into several smaller ones and distributed to each family member in such a way that they do not exceed the tax-free amount, the lawyer explained.