Russia has found a new way to finance military operations in Ukraine. Holders of bank deposits will take part in this, reports “Rzeczpospolita” citing the RBK newspaper.
The Federal Tax Service (FTS) will collect tax on interest income from bank deposits of individuals. The levy will apply to bank accounts and deposits that earned their holders interest income exceeding the tax-free amount, i.e. 150,000 rubles (PLN 6,568). In this way, the Russian regime wants to add approximately 312 billion rubles (PLN 13.75 billion) to the military budget over the years 2024-2026. The tax will cover all deposits active in 2024 that meet the above condition.
Tax on investments to finance war activities
Customers do not have to do anything to find out the tax amount, but its collection will no longer take place automatically. By February 1, 2024, banks will have to send information to the Federal Tax Service about the amount of interest paid to each depositor. The tax office will independently collect data about the client from various banks, calculate the tax amount for him and send the citizen a request to pay personal income tax. The tax will have to be paid before December 1, 2024.
Bogdan Zwarycz, chief analyst of the Banki.ru website, quoted by a Russian source, believes that the need to pay tax will not affect the popularity of bank deposits. Deposits are still the most popular savings instrument among Russians.
Putin: We will never back down
On Sunday afternoon, December 31, Vladimir Putin delivered his New Year’s message. He assured that Russia “can solve even the most difficult problems.” – We will never retreat because there is no force that would divide us, Putin said. He also addressed the soldiers who are taking part in the attack on Ukraine.
He made it clear that Russia’s attack on Ukraine would continue.
– We have proven more than once that we can solve even the most difficult problems and we will never back down, because there is no force that would divide us and make us forget the memory and faith of our fathers, Putin said, quoted by the Russian news agency TASS.
Let us recall that despite the sanctions imposed by the West, the Russian arms industry unfortunately increased production. In an interview with “Wprost”, General Waldemar Skrzypczak warned that “difficult days are coming for the Ukrainian troops.”