While obtaining an income, it is always necessary to remember about taxes and a tax base for their calculation. It is defined by the law that if the interest rate of a deposit in Russian roubles exceeds the refinancing rate of the Russian Central Bank by 5% or the interest rate of a deposit in foreign currency exceeds the rate of 9% per annum, the income gained in the form of interest is subject to taxation.
Only the nominal deposit interest rate that is specified in the contract is important for tax calculation, which means that the effective deposit interest rate can be higher than the limit established by the law.
Taxation occurs at the time of payment of the interest. The client receives the amount of the interest accrued with the tax already deducted. The Tax Code of the Russian Federation assigns to the Bank an obligation to calculate, deduct and transfer to the budget the taxes on the income from bank deposits that are subject to taxation.
There is no difference in taxation between deposits with simple interest and with capitalization of interest.
Regardless of changes of the refinancing rate during the deposit term, only the refinancing rate in force at the time of the conclusion or prolongation of the contract is important for tax calculation for deposits with terms up to three years. If at the moment of the conclusion or prolongation of the contract, the bank offered the interest rate that is not taxable, then it is not necessary to pay taxes (except for cases when the deposit rate raised during the deposit term).