Russians Massively Received Tax Notices: What They Will Have to Pay

Russians Received Notifications Regarding Income Tax on Bank Deposits

Russians have massively received notices from the tax service about the payment of income tax on bank deposits for the year 2024. This was reported by the Foreign Intelligence Service of Ukraine.

New Obligation of the Authorities

According to the FISU, this is a relatively new obligation that the authorities began to actively implement after the start of the full-scale war against Ukraine, in order to compensate for the financial losses of the budget, shifting the burden onto its own citizens.

'The tax is charged on the interest earned on deposits in all banks in Russia. The basic rate is 13%, and for citizens with an annual income exceeding 5 million rubles, it is 15%. Starting from 2025, Russia will have a progressive tax scale with a maximum rate of 22%, and taxes on deposits will be calculated according to this starting from 2026,' experts explained.

Budget Replenishment

The intelligence service noted that although the authorities claim to promote 'social justice', it is actually an attempt to replenish the budget, which is rapidly depleted by military expenditures. 'The first revenues from this tax in 2023 brought Russia 111 billion rubles,' the FISU reported.

The income tax on bank deposits in Russia has become part of the authorities' strategy to compensate for financial losses due to the war. This new obligation has led to a reaction from citizens, who are now massively receiving notifications about the payment of income tax on their deposits.