Individuals in the Altai Krai region will now be obligated to pay income tax on their deposit funds.
Alright, let's break down the tax dealio for you, mate!
So, if you're a resident in the Altai region, your combined savings and deposits amount to a whopping 404 billion rubles, according to Vesti Altai.
Now, did you know that you gotta pay income tax on your deposits if the yearly interest earnings shoot beyond the non-taxable base? That base figure is determined by taking the maximum annual key rate (in 2024, it was 21%) and multiplying it by 1 million rubles. So, in 2025, the interest from deposits under 210,000 rubles doesn't trigger any taxes. But anything above that little dude is taxable.
When it comes to the tax rate, it's 13% if your annual income doesn't exceed 2.4 million rubles. If it breaches that limit, you gotta pay 15%. They'll calculate everything and send you a tax notification, either through your personal account on their website or via snail mail.
Now, here's where things get a tad more specific: if you're self-employed, a lawyer, a notary, or an entrepreneur, or you've got some other unique income types like foreign income, property sales, or – and this is crucial – if you're claiming deductions, then you'll need to submit the 3-NDFL tax declaration.
Keep in mind, this is all about Russia's tax system, not the U.S. In the U.S., tax deadlines, key requirements, and forms differ from what I've discussed here. But if you're chasing details about America's taxes, you'd be looking at Form 1040 and stuff like that.
Always double-check your local tax authority guidelines, though, because regional requirements can vary.
- In Altai region, where you have accumulated 404 billion rubles in savings and deposits, as per Vesti Altai, you will need to pay income tax on any deposits producing yearly interest above the non-taxable base in 2025.
- The non-taxable base is calculated by multiplying the maximum annual key rate (21% in 2024) by 1 million rubles, meaning the first 210,000 rubles of interest from deposits is tax-free.
- For those whose annual income doesn't surpass 2.4 million rubles, the tax rate is 13%, and it increases to 15% when annual income surpasses that limit.
- If you are self-employed, a lawyer, notary, entrepreneur, have foreign income, property sales, or are claiming deductions, you will be required to submit the 3-NDFL tax declaration in Russia.
