The abolition of the tax on interest on deposits was proposed to be extended for a year

Yaroslav Nilov
© Yuri Inyakin/PG

The norm exempting Russians from personal income tax on income from deposits in Russian banks was proposed to be extended for 2023. Yaroslav Nilov, head of the State Duma Committee on Labour, Social Policy and Veterans Affairs, announced the corresponding initiative of the Liberal Democratic Party, sent for review to the Cabinet, in his Telegram channel.

We are talking about a tax of 13% on income received from deposits in banks located in Russia. Currently, the exemption from personal income tax applies to 2021 and 2022. The law on relevant amendments to the Tax Code was signed by the President in March 2022.

“We propose to amend the Tax Code of the Russian Federation in order to extend the norm,” Nilov’s publication says.

The situation in the economy can hardly be called normalized, and the incomes of the population continue to fall, the parliamentarian explained. “Against the background of what is happening, exemption from the need to pay taxes on income in the form of interest on account balances is a logical and even necessary measure,” he concluded.