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"Total surveillance. Why the new tax on deposits may affect all Russians" — comment by Ruslan Mukhametshin for "The Firm’s Secret"

On March 31, the state Duma adopted a bill to introduce taxes on interest on deposits over 1 million rubles. The new tax was not so terrible for the middle class — but sensitive for all Russians. Now banks will report all citizens' savings to the tax service.

Do I need to withdraw money from my deposits right now?

Experts are unanimous: because of the interest tax, it makes no sense to close ruble deposits right now.

The interest on ruble deposits was already minimal, about 5-6% per annum in the leading banks. The maximum that the tax will cut off from your income is 0.65-0.78% per year,

says Ruslan Mukhametshin, head of the consulting and evaluation department of Prime Advice. — Let's say your deposit in the bank is 1 million rubles, and the rate is 6.5%. This means that you will pay the tax service 8,450 rubles a year.

Will the tax service monitor the accounts more closely?

As follows from the amendments to the Tax code prepared by the state Duma's profile Committee, banks will provide tax information about the interest paid to each depositor. Based on the information received, the tax authorities will calculate the amount of tax. Banks must report for the past year by February 1 next year.

It is obvious that this brings us closer to a more stringent form of control of income and expenses not only for legal entities, but also for individuals,

thinks Ruslan Mukhametshin.

This is a logical continuation of the policy of the Federal tax service, in which it is cheaper to pay tax than to avoid it in an illegal way.

Where to invest if you have withdrawn money from your accounts?

If you were going to buy an apartment or a car (not with the last money), then now is the time to do it, supposes Ruslan Mukhametshin. In a situation of panic due to coronavirus, there is a chance to buy assets cheaper than the market price, he notes.

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