A bill imposing a tax on bank accounts and securities worth more than RUR 1 mio has been submitted to the State Duma, the Russian parliament’s lower house. The new legislation will make changes to the country’s Tax Code.
The proposal to tax large deposits was previously announced by the President of Russia. Holders of such deposits will be required to pay a 13% tax, Kommersant reports. However, the new tax will apply not to these sums of money but to the income earned – to the interest on the deposits.
If a person has several deposits worth more than RUR 1 mio ($12,670), taxes will have to be paid on income from each of them. If there are several deposits, but each of them is less than RUR 1 mio, the owner will not have to pay, even though their total amount exceeds RUR 1 mio.