The Ministry Of Finance Will Not Tax Bank Deposits Via Personal Income Tax

The Ministry of Finance of the Russian Federation: "In connection with the reports that appeared in the media, we draw attention to the fact that the Finance Ministry does not propose to impose personal income on bank deposits on personal income taxes, as Deputy Finance Minister Ilya Trunin specified in his speech at the Krasnoyarsk Economic Forum."

Earlier, Deputy Minister of Finance of Russia, Ilya Trunin, said that income on deposits in Russian banks should be taxed on personal income (personal income tax).

Now, income on deposits in Russian banks are not taxed if the deposit rate in rubles does not exceed the CB's key rate.