Amendments to tax revenue generated from deposit earnings explained by the Russian State Duma
Title: Bank Deposit Tax Reform in Russia: An Overview
In the economic landscape of Russia, there have been significant changes to the banking sector. One such development is the introduction of a tax reform on bank deposits, effective as of January 1, 2025.
The volume of deposits as of the New Year stood at 57.25 trillion rubles. However, the specific details of this tax reform, including the non-taxable limit and its impact on Russians with moderate incomes, are not extensively covered in recent information. The current economic situation in Russia is marked by challenges such as a growing budget deficit and reduced oil revenues, which might indirectly influence financial and tax policies.
Despite these challenges, the reform aims to ensure a more equitable distribution of the tax burden. The non-taxable limit, a crucial aspect of the reform, is calculated using a formula: 1 million rubles multiplied by the maximum key rate of the Central Bank for each month in 2024. This means that the tax should only be paid on the amount exceeding the non-taxable limit. It is worth noting that the non-taxable limit is preserved in the reform.
For most depositors, the interest rate remains at 13%. The figure of 59.91 trillion rubles, representing the total funds held by individuals in banks, was reached by July 1, 2025. This represents a growth of 4.65% for the first half of 2025, with the amount of deposits increasing from 57.25 trillion rubles to 59.91 trillion rubles between January 1 and July 1, 2025. This growth indicates a continued trust in the Russian banking system despite the economic challenges.
It is important to note that this article provides a general overview of the bank deposit tax reform in Russia. For detailed information on any recent tax reforms or banking regulations, it would be advisable to consult official Russian government publications or reputable financial news sources.
The bank deposit tax reform in Russia, introduced from January 1, 2025, targets the banking sector and aims to redistribute the tax burden more equitably. The non-taxable limit, a key feature of the reform, is calculated using the maximum key rate of the Central Bank for each month in 2024, with any deposit amount exceeding this limit being subject to tax. Similarly, businesses and finance sectors in Russia may also be affected by this reform due to its potential impact on customer savings and, consequently, business transactions.
