Belarusians will have to think about paying taxes on interest income only in the spring. But here, as in the well-known proverb, prepare the sled in the summer, and in the winter ... but what will happen in the winter, one can only guess. But for now, let's figure out what's what with taxes.
Under Decree No. 7 will fall not only income from deposits opened after April 1, 2016 (do not flatter yourself!), But all interest accrued after the mentioned date. That is, those who wanted to be conscientious investors and chose at the end of October, alas, will receive less than planned. The amount of interest income will be recalculated as of the date of receipt of income in Belarusian rubles and will be a taxable base.
I'm glad that double taxation will not take place, since even if an individual has to pay 13%, then only from the amount of accrued interest, and not from the deposit itself. tax agent will be a bank, that is, customers will not have to collect paperwork and fill out declarations.
Speaking about the taxation of interest on short deposits at a meeting with media representatives First Deputy Chairman of the Board of the National Bank Taras Nadolny emphasized that this practice is global. According to him, a certain unification will take place in Belarus tax regimes individuals and legal entities, the latter, by the way, paid tax before.
- In our opinion, the new rules will encourage long-term savings,- explained in the National Bank. - For deposits for a period of more than 1 year in rubles and for a period of more than 2 years in foreign currency existing benefits will be maintained.
It turned out that those who are forced to pay a tax on parasitism can benefit from the tax on deposits. If you understand the issue, then the citizens who do not participate in the financing of government spending are obliged to pay the last tax. If you sold the apartment, put all the funds in the bank at interest and decided to go on a still undeserved vacation, then you have every chance not to pay the parasitism tax. Here we present trivial calculations.
In order for the official unemployed person to be exempted from paying the laziness tax, he must transfer at least 20 basic units or 3,600,000 rubles to the budget in a year. In order for our potential unemployed person to be able to deduct such a tax from interest income as a result of placing a deposit for a period of up to 1 year, he needs to place about 110 million rubles at 25% per annum without capitalization. With larger amounts, we would recommend wealthy parasites to open deposits for a period of more than a year, so as not to inadvertently overfulfill the plan to replenish the budget.
If until recently the Russians studied Belarusian deposits for profitability, then after the signing of Decree No. 7 Russian banks can compete with Belarusian colleagues, since income tax in the Russian Federation is paid only if the deposit has a rate that is 10% higher than the key rate of the Central Bank. That is Russian bank must offer the client at least 18.25% per annum in rubles in order to bring him under the monastery. As practice shows, banks of the Russian Federation protect their depositors and do not offer more than 10-11%. In Belarus, in order to fall under taxation, it is enough to receive more than 3% per annum on a ruble deposit, and more than 0.2% per annum on a foreign currency deposit.
- In fact, the issue of taxation of interest on deposits is being vigorously discussed in Russia, but the scale of the country and the current conditions do not allow making the right decision,- said Taras Nadolny. - I am sure that Russia will also come to this decision, we are interned and there will be common approaches.
In the meantime, there will be all the conditions for healthy competition and Belarusian market will be forced to offer something to its participants in order to prevent churn from happening.
Recently, another change has taken place in the deposit market of Belarus. Rates on savings products denominated in foreign currencies dropped a few more points. The Financial Portal analyzed the changes and looked at which banks offer the highest interest rates on different terms of storage in USD and EUR.
Most often, forward-thinking investors are attracted because of reliability. At the same time, it is deposits in foreign currency (USD and EUR) that trail behind, yielding to Russian rubles.
This is clearly seen in our overview of deposits in Belarusian rubles, which can be read.
In addition, depositors must take into account the tax that is paid on interest accrued on the principal amount of the deposit, as well as on interest received from each amount of the additional contribution. The tax is paid when the deposit is kept less than 1 year in Belarusian rubles and less than 2 years in foreign currency. Recall that the income tax rate in Belarus is now 13% . But we have prepared for you best deposits in foreign currency, Thanks to them, you don't have to pay taxes.
| banking product | Term | % bid | Initial contribution | Interest | Replenishment |
|---|---|---|---|---|---|
| , "Family Benefit" | From 17 months up to 17 years and 7 months. | 2.55% (melting) | From 777 USD/ EUR | Interest capitalization either at maturity and/or annually. Or monthly capitalization with a decrease in the rate by 0.77 p.p. | In any amount up to 7 months from the expiration of the deposit |
| , "Maxima" | 24 months | 2% (melting) | From 100 USD/ EUR | Monthly capitalization | Additional contributions are possible (and by other persons) |
| , "Internet-on @ d" (registration in the Internet bank) | 24 months | 2% (melting) | From 50 USD/EUR | Interest payment monthly or capitalization | Without Borders |
Some features of these deposits should be highlighted:
AT BNB-Bank provides for the opening of a deposit for third parties (minors), whose age has not reached 17 years and 7 months. In addition, when opening a deposit, the depositor is offered bonuses: Bank card. Early return of a part of the deposit is allowed only in the part of capitalized interest. And in case of early termination of the deposit, interest will be recalculated at a reduced rate of 1.77 percentage points.
AT BTA Bank full withdrawal is possible, but only if interest is recalculated at a rate of 0.01%.
AT Bank BelVEB multiple withdrawals up to 50% of the deposit amount are allowed, then the rate will be reduced when part of the deposit amount is withdrawn by 0.5 p.p.
| banking product | Term | % bid | Initial contribution | Interest |
|---|---|---|---|---|
| , "Zepter Sonata" | 750 days | 3.5% (melting) | From 50 USD/EUR | Interest is accrued and transferred to the card on a monthly basis |
| , "Our future" | 1825 days | Fix: - 3% in EUR, -3.25% in USD | From 100 USD/ EUR | Monthly capitalization with the possibility of monthly interest payments |
| , "Formula of success" | 24 months | 2.7% (fixed) | From 200 USD/EUR | Transfer of interest on a card or capitalization |
When choosing irrevocable deposits, it should be understood that there is no possibility of early termination of the contract and it is not provided early return all or part of the deposit amount. Also, for the submitted contributions, you need to consider:
AT Zepter Bank replenishment is possible, and early withdrawal - with the consent of the bank.
AT Technobank additional deposits at the discretion of the bank are allowed during the first 1090 days. Early termination upon expiration - 0.01%. The deposit can be opened for a child not older than 18 years old, by any person.
AT Bank Solution replenishment is possible, as well as the issue of a payment card for the deposit. You can also choose the "Online Solution" deposit at a rate of 2.8%, from 25 USD / EUR for 2 years. True, this deposit is available only to those who have mobile app and a valid bank card in the deposit currency. At the end of the deposit, the amount will be returned to the card along with interest.
We bring to the age-old question of what is better: revocable or irrevocable deposits. If we consider only the options proposed by us, then, in our opinion, better aboutgive preference to irrevocable deposits. And that's why. Top 3 revocable deposits are offered at a floating rate and are subject to change at any time. And if on revocable it is allowed to withdraw your funds ahead of time, then we note that for our triple you will still incur certain losses on the deposit. In addition, if the money lies in the bank for less than 2 years, then income tax will also have to be paid on top.
Therefore, if you really want to earn on your money in foreign currency, then choose irrevocable deposits with a retention period of more than 2 years and with a maximum fixed rate (and with the possibility of replenishment, for example). Set and forget.
The tax on deposits slightly undermined the confidence of the population in banks. But that as soon as citizens figure out how the system works, they will again take their savings to the bank.
It should be reminded that from April 1, 2016 the Agreement signed on November 11, 2015 by the President of the Republic of Belarus enters into force. Decree No. 7"About attracting Money into deposits (deposits). According to the document, when opening a deposit from April 1, income on it is taxed if the funds are placed for less than 1 year in Belarusian rubles or less than 2 years in foreign currency.
As it turned out, both ordinary citizens and professional economists did not fully understand how the decree worked. A reader contacted the Minsk-Novosti agency: they told him one thing at the National Bank, and the opposite at his bank. Since the Ministry of Taxes and Duties is responsible for taxing income from deposits, we turned to it in order to get accurate answers to readers' questions.
“I made a deposit on March 21, that is, before the start of Decree No. 7. I will receive interest on the deposit after the decree comes into force. Do I have to pay tax on the interest received?
Anna Zakharovna"
If you made a deposit before April 1, 2016, then the interest received on it is not taxed.
The norms of Decree No. 7 on the taxation of income in the form of interest on bank deposits, as well as current accounts, begin to operate from April 1, 2016 and will apply to contracts concluded from this date. If the bank deposit agreement was concluded before April 1, 2016, then the interest received on such a deposit is exempt from income tax.
The exception is cases of extension of contracts.
Example. Suppose, on March 21, 2016, you entered into a bank deposit agreement for 20 million rubles for a period of three months. The agreement provides for monthly payment of interest: April 21, May 21, June 21, 2016. The interest received on such a deposit is exempt from income tax, since the bank deposit agreement was concluded before April 1 of the current year.
If such an agreement is extended for another three months, then all interest received within the next three months is subject to taxation.
“Decree No. 7 says that if Belarusian rubles are on deposit for 1 year, then interest on it is not taxed. I want to open a deposit in Belarusian rubles for a period of 1 year and replenish it every month. Did I understand correctly that if I withdraw all the money exactly one year after opening the deposit, then I still have to pay some kind of tax?
Minsker»
“I opened a deposit in Belarusian rubles for a period of 1 year. If I withdraw money earlier, will I have to pay tax, because the deposit, as required, is open for the required period?
Sergey Vasilevich"
If you replenish the deposit, then the income received for the additional deposit is taxed, provided that the money has been in the account for less than 1 year from the moment of replenishment of the deposit - for deposits in Belarusian rubles or less than 2 years - for deposits in foreign currency. If you open a deposit, for example, in Belarusian rubles for a year and then replenish it, then if you decide to withdraw all the money exactly one year after opening the deposit, you will have to pay tax on income received for additional contributions, since less than 1 year.
Interest on deposits is not taxable if the period of actual placement of funds on such a deposit is 1 year or more in Belarusian rubles, 2 years or more - in foreign currency. If you open a deposit in Belarusian rubles for a period of 1 year or in foreign currency for a period of 2 years and in fact the money is in the account for less time, as happens with early withdrawal, you will have to pay tax.
Example. On April 1, 2016, you, as an individual, entered into a bank deposit agreement for a period of one year, until April 1, 2017, in the amount of 10 million rubles. Interest accrued on 10 million rubles is exempt from income tax. And on May 1, 2016, you replenish the deposit by 2 million rubles. Since May 1, 2016 is considered the date of making 2 million rubles on the deposit and the period of their actual placement on the deposit will be less than one year, the interest accrued by the bank on the amount of such an additional contribution is taxable.
“How is the tax calculated if I decide to withdraw part of the money from the deposit ahead of schedule?
Ivan Ivanovich"
Let's continue to consider an example with opening a deposit for 10 million Belarusian rubles (the date of depositing money is April 1, 2016) and replenishing it with 2 million rubles (the date of replenishment is May 1, 2016).
Exactly six months after opening the deposit, you want to withdraw funds in the amount of no more than 2 million rubles. In such a situation, it will be considered that you are withdrawing money from the funds that were on the deposit with the shortest term, that is, from the amount of an additional contribution in the amount of 2 million rubles that you put on the deposit on May 1, 2016.
If the interest accrued for the period from May 1, 2016 to September 1, 2016 on the amount of the additional contribution was previously paid to you, then income tax has already been withheld from them.
If you want to rent on September 1, 2016 bó a larger amount, for example, 5 million rubles, then the withdrawn amount will consist of the funds of the additional contribution and the funds deposited on April 1, 2016 when opening the deposit.
Please note that the interest accrued on the amount of the additional contribution, and part of the funds withdrawn from the amount of the main deposit placed on April 1, 2016, are subject to taxation, since the actual period of placement of such funds on the deposit was less than one year.
For reference
You will have to pay tax on income from a deposit if all of the following conditions are met at once:
- you open a deposit in Belarusian rubles for a period of less than 1 year, in foreign currency - for less than 2 years. Either you withdraw money ahead of schedule and at the same time Belarusian rubles are on the account for less than 1 year or foreign currency - for less than 2 years. If you replenish the deposit, then the day of replenishment will be considered the first day of depositing funds. And so every time when making the next amount;
– if your interest rate exceeds interest rate on demand bank deposits (they usually have the most low interest income).
The deposit holder does not have to go anywhere or fill out any documents to pay the tax. The bank will withdraw the required amount from your account and transfer it to the tax authority. The tax is 13% per annum. If the deposit is in foreign currency, then on the day the income is received, this income will be recalculated at the rate of the National Bank.
Everyone who is going to make a deposit to the bank from November 12 should remember Decree No. 7. Recall that according to interest on short-term deposits in foreign currency and in Belarusian rubles are subject to income tax of 13%. Everything about the new document is in the material Onliner.by.
Why did they introduce a tax on income from short-term deposits?
As Taras Nadolny, First Deputy Chairman of the National Bank, explained, the tax is needed in order to stimulate people for "long money" - long term deposits. According to the National Bank, this is one of the measures to ensure macroeconomic stability.
- The purpose of the decree was not to obtain additional income to the budget- said Taras Nadolny.
When will you need to pay tax?
This requires two conditions. First, the term of the deposit should not exceed one year for ruble deposits and two years for foreign currency deposits.
Second, the rate on such deposits should not be higher than the rate on demand deposits. According to the National Bank, this is 3% Belarusian rubles and 0.5% on foreign currency deposits.
In fact, almost all time deposits with a maturity of up to a year fall under this definition.
When will the tax need to be paid?
Income tax applies exclusively to interest accrued after April 1, 2016. If you have time to put money on a short-term deposit, which expires before this time, then you will not have to pay tax.
Is it a tax on the whole amount or just a percentage of the amount?
How will I need to pay tax? File a declaration?
The bank will charge the tax. The client will not need to go to the tax office and file a declaration.
- Citizens will not need to submit declarations. Funds are not subject to declaration,- said the Deputy Minister for taxes and fees Svetlana Shevchenko.
What is the difference between revocable and irrevocable deposits?
Revocable deposits can be withdrawn on demand, while irrevocable deposits may not be withdrawn ahead of schedule. Prior to the introduction of Decree No. 7, any deposits could be withdrawn at the request of the client. He either lost interest or not, everything depended on the terms of the contract with the bank. At the same time, according to the law, the bank was obliged to pay the money within five days. This rule has now been abolished.
Will it be possible to withdraw an irrevocable deposit in force majeure circumstances?
- The reasons for withdrawing irrevocable deposits will be determined by banks,- explains Taras Nadolny. - E there may be tragic circumstances in the family. The bank will be able to make concessions and return these deposits. But this measure will not be systemic. We, as the National Bank, will not report any requirements common to all.
What will happen to old deposits?
The new decree applies to deposits that will be concluded from November 12, 2015. In this case, the old deposits will operate under the old conditions. You don't have to pay tax on their income.
True, as noted in the National Bank, most likely banks will reconsider the interest on old deposits. Of course, within the framework of contracts with clients. And most likely, they will be reduced where possible.
- Based on the new structure of deposits, there is no logic to pay 28-30% on them, - Nadolny believes.
Will interest on deposits change in this situation?
Yes. The National Bank believes that irrevocable deposits there will be a higher income. The interest rate on them will be 25-30%.
- For revocable, taking into account the payment for risk, the yield will be in the range of 20-25%. Hardly lower- said Nadolny.
Will I have to pay tax on interest on salary cards?
Such interest will not be taxed.
- If the nature of the deposit involves all the elements of the savings function of money, then they are subject to taxation,- noted in the National Bank.
What will happen to currency bonds?
So far, it is known that foreign currency bonds of the Ministry of Finance will not be taxed.
- Today it would be illogical to impose any taxes on public debt management tools,- said Taras Nadolny. As for commercial bonds such as Euroopt or Titan, there is no decision yet.
- Now the National Bank is discussing with the Ministry of Taxes on extending the period of benefits for these incomes, - Nadolny noted.
How much money can the state get from the new taxes?
The National Bank did not announce the exact figure. But now term deposits amount to 28.5 trillion rubles. If we take an average interest rate of 26% and a period of almost a year, then the amount of tax could be 963.3 billion rubles. This is approximately $54.4 million at the current exchange rate.
Income tax on deposits in Belarus is paid on interest on bank deposits. The legislative basis for its calculation and payment is Presidential Decree No. 7, which came into force on April 1, 2016.
Deposit tax is levied in most countries, but in the Republic of Belarus individuals have been tax exempt for a long time. So the economic authorities of the country sought to stimulate the population to place free funds in bank deposits.
This was relevant in the context of financial instability due to both external and internal reasons. Contributors' money was supposed to contribute to sustainability banking system by replenishing the resource base of financial and credit institutions, and this was required "right now".
Later the situation changed. Depositors' funds are still one of the key sources of the banks' resource base, but it became necessary to correct its structure. In 2015, approximately 80% of deposits were short-term (up to a year - in rubles, and up to two years - in foreign currency), and in most cases, depositors had the right to withdraw their money at any time. This significantly limited the ability of banks to plan their activities, including the fulfillment of obligations to depositors.
Therefore, from April 1, 2016, a tax on deposits was introduced - a tool that encourages the population to put money on long-term deposits, since interest received only from short-term deposits is subject to taxation.
Taxation is carried out under the simultaneous observance of the following conditions:
The receipt of income is fixed upon the accrual of interest and the corresponding change in the balance on the deposit (it is not necessary to withdraw money or transfer it in a non-cash way).
From the point of view of the law, this is not about introducing a tax, but about lifting the moratorium on taxation of short-term deposits. The calculation is carried out at the standard rate - 13%.
Banks are responsible for calculating and transferring the amounts of this tax. The client does not need to do anything (fill out a declaration, draw up other reports, travel to tax office etc.).
The calculation and payment of tax on deposits is regulated by the same legislative norms that apply to. This applies in particular to social and property deductions to reduce the tax base. The first of them relate to the cost of education in Belarus, the second - to financing the purchase or construction of housing in Belarus, if this is done by a person in need of better housing conditions.
