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Russia To Review Taxation Of Savings, Securities

by Tatiana Smolenskaya, Tax-News.com, Moscow

05 December 2012


At a recent forum hosted by Russian daily Vedomosti, Russian Finance Minister Anton Siluanov announced proposals to align the taxation of bank deposits with securities and bonds, and more broadly levy tax on wealthy individuals receiving significant interest income from these holdings.

Presently, under Russian tax law, bank deposits that yield an interest rate that is no more than 5% above the refinancing rate are exempt from tax. However, interest derived from higher interest rate accounts are subject to tax. The proposals, announced by Siluanov, would introduce a similar taxation mechanism for interest received from bonds and other securities.

Other proposals announced by Siluanov at the event included plans to levy taxes on individuals receiving interest income exceeding RUB1m (USD32,300) in any year to promote tax fairness and income distribution.

TAGS: individuals | Russia | tax | investment | interest | banking | financial services | equity investment | offshore | services

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