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Kremlin spokesman calls tax on interest on deposits of over $12,772 restoration of justice

The initiative will affect less than 10% of depositors, according to the presidential press secretary

MOSCOW, March 26. /TASS/. Introducing tax on interest on deposits exceeding 1 mln rubles ($12,772) is restoration of justice, Russian presidential spokesman, Dmitry Peskov told reporters.

He recalled that so far, interest on deposits has not been taxed, which, according to him, is unfair. "Given the assistance programs that have already been announced and which will be announced for business, for those who face a difficult life situation, and so on, the president considered it necessary to restore this justice and tax these bank dividends at 13%," Peskov said.

He noted that the number of deposit holders in the amount of over 1 mln rubles ($12,772) is estimated at several percent. "And they received interest from their deposits, which, by the way, still, despite all the crisis manifestations in Russia, are very attractive for ruble deposits — much more attractive than negative rates, which are already present in European banks," he said.

The initiative will affect less than 10% of depositors, the presidential press secretary stressed. He called the information that such deposits amount to more than 50% in Russian banks false. "In any case, it is less than 10%," Peskov stated, noting that he would not name a specific share.

The measures proposed by Russian President Vladimir Putin to tax withdrawn funds from Russia at 15% and interest on deposits of more than 1 mln rubles ($12,772) at 10% are not limited in duration, Russian presidential spokesman Dmitry Peskov told reporters. "[The measures] were not limited by any timelines or any crisis manifestations." "The president has not set any dates," concluded Peskov.

Answering a question about when the amendments could enter into force, Peskov noted, "certainly, some time will be required."