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Personal Income Tax Rate + Central Bank of Russia Refinancing Rate + 5% (CPC) ​

Legislative Framework ​

Federal Law No. 207-FZ dated 27.07.2010 (as amended on 23.11.2015) "On Amendments to Chapter 23 of Part Two of the Tax Code of the Russian Federation" establishes the specifics of determining the tax base for personal income tax (PIT).

Article 214.2.1 ​

The Federal Law provides that taxation of income in the form of fees or interest for the use of funds of credit consumer cooperative (CPC) members is carried out at a rate of 35% on the portion exceeding the refinancing rate of the Central Bank of the Russian Federation, increased by 5 percentage points, effective during the period for which the said fees or interest were accrued.

Note: Income received under a personal savings transfer agreement (loan agreement) is not subject to tax if the annual interest rate under such agreement does not exceed the value of "Central Bank of Russia refinancing rate + 5%". Tax is levied only on the excess of the annual interest rate over the value of "Central Bank of Russia refinancing rate + 5%".

Key Rate of the Central Bank of Russia ​

Since 01.01.2016, the refinancing rate of the Bank of Russia has been equated to the key rate of the Bank of Russia as of the corresponding date. The refinancing rate as a separate value has not been established since that date.

Example: If the key rate of the Central Bank of Russia is 8%, then the threshold value for taxation will be 8% + 5% = 13%.

  • Income received at a rate of up to 13% is not subject to tax.
  • Income exceeding 13% is taxed at a rate of 35%.

Configuration in Brainysoft Software ​

For correct calculation of personal income tax, the organization must fill in the directories in the Brainysoft software:

1. "Refinancing Rates" Directory ​

The organization independently fills in the "Refinancing Rates" directory in the Brainysoft software. To do this:

  1. Add 5% to the key rate of the Central Bank of Russia.
  2. Enter the result in the "Rate" field.

Refinancing Rates Directory

2. "Personal Income Tax Rate" Directory ​

The organization also configures the "Personal Income Tax Rate" directory in the Brainysoft software. This directory is used for automatic calculation of the tax base.

Personal Income Tax Rate Directory

Conclusion ​

The specifics of calculating the personal income tax base for income in the form of fees or interest for the use of funds of credit consumer cooperative members are regulated by Federal Law No. 207-FZ. The Brainysoft software allows automating the tax calculation process using current values of the Central Bank of Russia key rate and configured directories.

Important: For correct calculation of personal income tax, it is necessary to timely update the data in the "Refinancing Rates" and "Personal Income Tax Rate" directories.