INCOME TAX ON DEPOSITS IN RUSSIA AND IN INTERNATIONAL PRACTICE

The issue of introducing progressive taxation of personal income in the Russian Federation has been raised quite often recently. This is primarily due to the public’s reaction to increasing social injustice. The introduction of a new tax on income on bank deposits exceeding more than 1 million rubles is a kind of response of the authorities aimed at eliminating such social injustice and relieving tension in society. Thus, this tax was introduced on January 1, 2021. The taxation of interest income from large deposits is common in many countries, in particular with a progressive tax scale. As a rule, income from bank deposits is equal to the personal income of a citizen and is added to it when calculating the total amount of tax. And taking into account progressive taxation, the amount of tax on interest income on bank deposits can reach a fairly large size. The article examines the principles of taxation of income on bank deposits in Russia before and after the introduction of the new law on the introduction of the tax. The international experience of taxation of interest income from deposits is analyzed. The features of taxation of such income in terms of calculating the non-taxable amount of tax, both in Russia and abroad, are considered. Based on the analysis of Russian and foreign principles of taxation of income on bank deposits, the possibility of creating conditions for the subsequent introduction of a progressive tax on personal income in the Russian Federation is considered.

bank deposit, deposit income, interest, interest income, taxation, personal income, income, progressive tax system, tax rate, non-taxable amount.

Chernousova K. S., Baskakov L. V., Maksakov I. F., Kelliker I. D. Income tax on deposits in Russia and in international practice. Business. Education. Law, 2021, no. 1, pp. 185—189. DOI: 10.25683/VOLBI.2021.54.172.