Rumors of a tax on transfers to bank cards were refuted by the Bank of Russia.
Lately, there's been a buzz about a supposed new tax on card transactions starting from June 1st. But hold your horses, cowboy! Let's set the record straight.
The Southern division of the Bank of Russia has swung into action, calming citizens' frayed nerves with some clarification. Contrary to the buzz, the recent amendments won't be affecting your hard-earned salary or the casual transfers you make between your mates.
Maxim Chuchkov, an expert from the Southern Main Directorate of the Bank of Russia, spilled the beans, saying, "Banks will temporarily hold off on suspicious operations for up to 10 days, but only if Rosfinmonitoring gets a whiff of fraud, money laundering, or terrorism financing. If you ain't into that shady business, you got nothin' to worry about."
So, what's still considered taxable?
- Selling property: If you're thinking of flipping a house, remember the profits could be taxed.
- Gifts: Real estate, fancy cars, stocks, shares, or stacks of cash from non-family members? The taxman might come after you.
- Untaxed rental income: If you're raking in cash from secret rentals, beware – your secret's not safe anymore.
- Lottery or gambling winnings: If lady luck smiles on you, don't be surprised if the government pops by for a cut.
But fear not! Transfers from relatives or debt repayments are in the clear. Benefits (except for unemployment), pensions, and alimony are off-limits too.
Experts suggest specifying the purpose of large payments, like "for a gift". Folks engaged in trading should make sure they're registered accordingly.
Feeling curious? Next up, did you hear about the billionaires and millionaires in Kuban in 2024?
Stay tuned, partner. It's always (more than) interesting around here.
Note: Recent changes in Russia primarily focus on regulating money transfers rather than introducing new taxes on such transactions. The article's focus is on card-to-card transfers, which are not affected by the new rules regarding money transfers. Also, the specifics on the taxable income types mentioned in the article may vary. For precise information on taxable income, consulting Russian tax authority resources or a financial advisor would be advisable. As of the latest information, there is no specific mention of a new tax on money transfers to cards starting from June 1st in Russia. Starting May 30, 2025, Russian citizens and foreigners must open a bank account to send more than 100,000 rubles abroad to combat illegal money laundering and capital export.
- "Fortunately, the recent amendments in the finance sector won't affect the usual transfers you make between your associates or business colleagues, as Maxim Chuchkov clarified."
- "Moreover, your salary, benefits such as pensions and alimony, and transfers from relatives are not subject to the changes in the business sector, contrary to the initial buzz."
