Personal income tax on deposits decreased retroactively

Individuals who receive interest on ruble deposits after 1 January 2009, will face a pleasant surprise: PIT c they will not be deducted. A rare case: the state retroactively makes good citizens. Act of № 158-FZ of 22 July 2008 amended the Tax Code (TC). According to them from personal income tax exempt interest income on deposits in Russian banks. On ruble deposits - if the percentage exceeds the refinancing rate plus 5 percentage points (to the end of the year is just strap on the refinancing rate). In this case relate to innovations and contributions made before July. Deputy Director of Department of tax and customs tariff policy of the Ministry of Finance Sergei Razgulin autumn explained that "... situation will apply to income in the form of interest paid on 1 January 2009 to the deposit agreement, regardless of when these contracts were concluded or extended. " That is exempt from personal income tax revenues, even the five-year contribution agreement for which was concluded in January 2004. Unless, of course, the interest thereon are paid at maturity. Note that the personal income tax for interest in excess of the refinancing rate, currently charged at a higher rate of 35%. In other words, the investor loses about a third of windfall. Now the vast majority of contributions to profitability are subject to the restriction of NC (refinancing rate - 13% plus 5 percentage points is equal to 18% per annum). For all foreign currency deposits remained the same. Personal income tax is charged on income in excess of 9% per annum.