Taxation of deposits of individuals. Taxation of interest on bank deposits

Bank deposits are considered one of the most common ways of accumulating and saving funds for citizens. Deposits allow you to save and increase your money. However, in accordance with the current legislation, it is necessary to make deductions to the budget from each profit. Not all citizens know how taxation of bank deposits of individuals is carried out. Meanwhile, information about this is the basis for making the right decision to place your funds on accounts in a financial institution. Let us consider in detail the taxation of bank deposits of individuals.

General information

Deposit of funds on deposits in banks refers to passive investment. As one of the advantages of these operations is a minimum of actions of the owner of finance in respect of his capital. This equally applies to the taxation of deposits of legal entities and citizens. The financial organization independently carries out all necessary deductions.

Relevance of the issue

When choosing a bank deposit, the owner of the funds, as a rule, calculates the estimated income. In doing so, it relies on the amount, timing and rate of the deposit. In this case, taxation of income on deposits is usually not taken into account. This is due to the fact that many citizens do not even think that this profit can fall under the provisions of the Tax Code. This state of affairs is quite understandable. First, as was said above, the taxation of deposits is assigned to financial institutions, and usually the owner of the funds learns about the levying of a certain amount in the last place. In addition, not every deposit is subject to the NK requirement.

Features of retention

In accordance with the current legislation, the taxation of cash deposits applies to deposits opened by citizens - residents of the country. Retention is also carried out from accounts of non-residents, if the sources of their profits are related to activities in the Russian Federation. In accordance with different categories, certain rates are set, as well as the principles by which they are paid.

The procedure for collecting personal income tax

Taxation of individuals' deposits is carried out according to the established scheme. The withdrawal is made from the following accounts:

1. In national currency. Taxation of deposits is made if their rate is higher than the refinancing rate of the CBR (more than 8.25% for the present), plus 5%.
2. In foreign currency. Deductions are made if the rate is above 9%.

The difference is the actual profit from the deposit and the amount received at the threshold value of the rate. The basis of the calculated income is a nominal, not an effective tariff. This means that in the scheme there is no difference between deposits with capitalization and simple deposits.

An Important Moment

If the contract is concluded for a period of less than three years, only the rate that will be valid at the date of registration (continuation) of the account will have value. The compulsory deduction is made at the moment of interest payment. The financial institution maintains strict accountability. All interest incomes of natural persons are taken into account, along with the transfer of tax on their income. The control of these operations is entrusted to the relevant bodies: the Central Bank, the Federal Tax Service, and audit organizations. The amount of deductions must be reflected in the declaration, made in the form of 3-NDFL. It is necessary when you receive tax deductions and other things.

Operations of a financial company

Taxation of deposits of individuals can be carried out every month or at the end of the prescribed period (in accordance with the concluded contract). For residents, deductions are 35%, for non-residents - 30%. The financial company performs calculation, withholding and deduction of compulsory payment to the budget. In some cases, organizations provide customers with special calculators. With their help, the owners of funds can calculate their profits, as well as the taxes that they are obliged to pay out of income. For each client receiving a profit from investing, the financial company compiles a certificate. It indicates the tax base and the amount of withholding. The amount of the capital placed on the deposit in the certificate is not paid. Such a document is issued by a financial company upon a written application of the client.

Special cases

Citizens can place their funds in the accounts of financial institutions located abroad. In this case, it should be determined whether there is an agreement between the country in which this bank is located and Russia, which allows to exclude a repeated withholding from profit. In the event of such an agreement, the client can choose the country in whose budget he will make mandatory contributions. If the owners of the funds do not indicate this, the taxation of bank deposits is made in accordance with the laws of the state in which the financial institution is located. However, later, customers can claim repayment of the paid funds in order to transfer them to the budget of the Russian Federation. If the above agreement is not available, taxation of deposits in foreign financial organizations is often carried out twice.

Probable difficulties

Taxation of bank deposits can be difficult if during the period in which the contract is in effect, changes in the base of mandatory contributions have occurred. This situation can be determined by several factors:

1. Change in the size of the deposit due to its capitalization or the possibility of replenishment.
2. Graduation rate when adjusting the amount on the account (if this is allowed by the terms of the contract with the financial institution).
3. The change in the size of the refinancing rate of the Central Bank.

In such cases, the taxation of deposits (or its termination) begins immediately after the adjustment of the value of the relevant rate. The amount of deductions, in turn, changes when the base is changed. In the event of early termination of the deposit agreement and transfer of funds to the demand category with a reduced interest rate, the withholding of the tax payment ceases. Sent funds to the budget can be returned at the request of the client and transferred to his current account.

Specificity of deductions from the profit of enterprises

It is necessary to take into account that the taxation of the contributions of organizations is carried out differently than for deposits of citizens. The profit that enterprises receive when investing in the accounts of a financial institution falls into the category of receipts from non-operating operations, depending on which transfer regime is provided for the company: simplified or general.

Taxation of interest on deposits

The simplest cases are payments without capitalization at the end of the contract period. However, often the execution of time deposits is carried out with the condition of paying interest on a quarterly basis or every month. In these cases, the financial institution retains personal income tax according to this schedule. Thus, the taxation of interest on deposits is made with the same periodicity as their accrual. It is somewhat more difficult to maintain personal income tax with capitalization (using a compound interest) or with the possibility of replenishing the deposit. In such cases:

• With an increase in the size of the deposit, each time the amount of the taxable base and the amount of mandatory deductions to the budget change.
• If the rates are graded according to the size of the funds on the account, a certain rule applies. It is that if on the registration date the tariff was lower than the refinancing rate plus 10 pp for deposits in national currency or less than 9% for currency savings, no deductions to the budget are made. If the client replenished the account or the interest was added to the amount, and the rate, rising, became equal to the value after which the profit is subject to taxation, the banking company is obliged to withhold personal income tax for the time from which the increased tariff began to operate.

Termination of deposit

In case of early termination of the agreement and conversion of the rate for reduced tariffs (as a rule, for demand deposits it is not higher than 1%), even if taxation of interest income was previously provided, personal income tax will not be collected. If at the date of termination of the deposit agreement he has already been expelled, the client can return it on his written application. When taxing interest, it is also necessary to take into account changes to which the refinancing rate of the Central Bank is exposed (both downward and upward). The collection of personal income tax or the termination of its withholding is carried out from the date of official tariff adjustment. In addition, one should also remember about deposits in precious metals. In this case all income is subject to taxation, however, the personal income tax rate for such deposits is 13%.

Conclusion

Taxation of deposits should not be considered a negative moment of financial activity of individuals. It should not influence the choice of the organization in which the account will be opened. As practice shows, although taxation reduces the potential income of individuals, the deposit remains today one of the most attractive and reliable methods of investing.