Russia Will Review Taxation of Savings and Securities

Russia Will Review Taxation of Savings and Securities

Russian Finance Minister Anton Siluanov announced proposals to align the taxation of bank deposits with securities and bonds, and to widen taxation of wealthy individuals receiving significant interest income from these assets.

Current tax legislation of Russia provides that if a bank deposit brings an interest on the rate, which is not more than 5% above the refinancing rate, such gains are exempted from tax. The higher interest is subject to tax. The proposals include the introduction of a similar taxation mechanism for interest received from bonds and other securities.

Other proposals include plans to levy taxes on individuals receiving interest income exceeding RUB 1 mln (USD 32,300) a year.

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