DG freed from personal income tax revenue from the contributions at a rate of up to 18.25 percent – Russian newspaper

The deputies approved another measure to support the banking system and the ruble. If you deposit in a bank situated in rubles at the rate of up to 18.25 per annum, then the income thereon are exempt from personal income tax (the tax rate is 35 percent). The bill passed its second and third readings.

The amendment to the Tax Code was introduced deputy Andrei Makarov directly at a meeting of the State Duma under consideration of the bill on the subject of financial recovery of banks in the second reading. The task of the amendments – to deposits of citizens were protected, he said.

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” There was a need to address the very serious question, – said Andrey Makarov. – Banks in view of the actions that we are accepted by the State Duma (by capitalization, increased insurance on deposits – “RG”), which made it possible to bring down the rising panic in the financial markets, at the same time raised serious contributions for individuals, the rates on deposits. So people are interested in, to keep their money in banks. However, here, as among the commentators, and among the people began to spread rumors that now, now people are subject to income tax and not only that their strangle a 35 percent income tax, they are also tortured walking on tax inspections “.

The deputies decided to remove these questions, he said.

Currently, exempt from personal income tax personal income on ruble deposits placed at a rate of up to 13.25 percent per annum. Settlement mechanism is that personal income tax is paid on income on deposits, the interest rate exceeds the refinancing rate by 5 percentage points.

The new level – 18.25 percent per annum. This CBR refinancing rate, which has remained at around 8.25 percent, plus 10 percentage points.

“In this case, this rate will be much higher inflation, but we orient and banks, and people that those who are serious bullying rate, and it may be, of course, some weak banks and so on, that here there are risks for the banking system, and the citizen who invests in banks, “- said the head of the profile committee.

Tax exemption will be valid from 15 December 2014 to 31 December 2015, that is a temporary measure.

The deputy from the Liberal Democratic Party Anton Ishchenko in the discussion amendment proposed start not from the refinancing rate of the Central Bank, and from the key rate, which earlier recall soared to 17 percent, but his proposal was not supported.