The Federal Tax Service clarified the methodology for calculating tax on deposits

Not the entire amount received from interest is taxed on income from deposits, but only that part of it that exceeds the amount of non-taxable interest income, the Federal Tax Service told RBC.

Non-taxable interest income is calculated as the product of 1 million rubles. and the key rate of the Bank of Russia, set on January 1 of the reporting year, was specified in the department. In 2022, with a Central Bank rate of 4.5%, non-taxable interest income will amount to 42.5 thousand rubles.

“For example, a person may have many small deposits, the interest payments on which in total will exceed the amount of non-taxable interest income. Accordingly, the difference between the income on these deposits and 42.5 thousand rubles will be taxed, ”the Federal Tax Service explained

Earlier, RBC found out that the tax on deposits of more than 1 million rubles became possible to accrue on the income of Russians with a smaller amount of a single deposit, if they successfully placed deposits following the growing rates and earned more than 42.5 thousand rubles.