{
  "id": 11477545,
  "title": "Russia plans to raise over $12 billion from bank deposit tax as war costs mount",
  "url": "https://urgent.news/2026/10/02/russia-plans-to-raise-over-12-billion-from-bank-deposit-tax-as-war",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-02T16:05:00.000Z",
  "source": {
    "name": "New Voice of Ukraine",
    "slug": "new-voice-of-ukraine",
    "url": "https://english.nv.ua/nation/tax-on-bank-deposits-in-russia-rising-revenue-and-new-rules-through-2027-50646663.html"
  },
  "original_language": "en",
  "account": "Russia aims to generate over $12 billion in revenue from taxes levied on citizens' bank deposits, as it grapples with a growing budget deficit and allocates a significant portion of federal spending to the military, according to a report by The Moscow Times on October 2. The draft federal budget anticipates the tax to generate 1.02 trillion rubles ($12.25 billion) in 2027, six times higher than the 631.9 billion rubles ($7.59 billion) collected in 2026. The tax on bank deposits was initially introduced during the COVID-19 pandemic but was postponed multiple times before becoming effective in 2024. Personal income tax is applied only to a portion of deposit interest income, with a tax-free base set at 1 million rubles ($12,000) plus the maximum key rate from the central bank. Starting next year, the Russian government plans to apply a higher progressive tax rate of 13%-22% on deposit interest, treating it as part of total income. This change would impact around 4 million taxpayers. The Russian Finance Ministry has indicated the new tax scale will affect no more than 6% of taxpayers. In 2027, Russia's federal budget deficit is projected to reach 5.5 trillion rubles ($66.07 billion), making up 2.2% of GDP, nearly double the initial estimate. Military expenditures are expected to rise to 50 trillion rubles ($600.63 billion) over the next three years, accounting for one-third of the budget.",
  "summary": "Russia’s government plans to sharply increase revenue from taxes on Russians’ bank deposits as it seeks to reduce a budget deficit while directing roughly one-third of federal spending to the military, The Moscow Times reported on Oct. 2.",
  "key_points": [
    "Russia plans to raise $12 billion via bank deposit tax in 2027",
    "Budget deficit projected at 5.5 trillion rubles ($66.07 billion)",
    "Military spending to increase to 50 trillion rubles ($600.63 billion)"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}