The Cabinet rejected the draft on the amount of the contribution, the income from which personal income tax

Government Commission on legislative activities did not support the bill of the liberal democratic party, which proposes to increase from 1 million to 5 million rubles worth of deposits, with income that will be subject to tax, beginning in 2021, the draft of the Commission's findings.

The bill developed by the Vice speaker of the state Duma Igor Lebedev, head of the state Duma Committee on labour and social policy Yaroslav Nilavum and Deputy Dmitry Fistulous.

Parliamentarians have amended the law that stipulates the collection of personal income tax of citizens on deposits and bonds. Tax of 13% will be levied on the total annual income of physical persons for deposits in excess of that which he would receive a year of 1 million rubles under the key rate of the CBR. The new procedure will work from the year 2021.

The bill proposes to increase the amount used to calculate the amount of interest income on deposits (balances on accounts) of banks that are excluded when determining the tax base under the tax to incomes of physical persons from one million to five million rubles.

The document explains that the implementation of the proposal will lead to reduction of receipts of the sums of the tax to incomes of physical persons concerning incomes in the form of interest on deposits (balances on accounts) in banks.