+7 495 989 9610, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Finance and Credit

On the taxation of deposits and bonds and the need to qualify passive income

Vol. 27, Iss. 4, APRIL 2021

Received: 1 March 2021

Received in revised form: 15 March 2021

Accepted: 29 March 2021

Available online: 29 April 2021

Subject Heading: FISCAL SYSTEM

JEL Classification: H21, H24, H31

Pages: 875–893


Ol'ga S. BELOMYTTSEVA Tomsk State University (TSU), Tomsk, Russian Federation


Anna S. BALANDINA Tomsk State University (TSU), Tomsk, Russian Federation


Subject. The article discusses the taxation of interest income from deposits and bonds in the Russian Federation from perspectives of individual investors and the State, classification of people’s income into active and passive.
Objectives. We outline actions to adjust the fiscal policy on personal income tax to unify the taxation and stimulate the innovating activity of individuals.
Methods. The study is based on methods of logic and comparative analysis.
Results. Tactically, payers of interest income are now bound to inform taxpayers on accrued interest income, and the need to qualify coupons of government, municipal and corporate bonds for relief. The strategic result is determined as the need to qualify active and passive income.
Conclusions and Relevance. The findings can be an agenda of the State Duma of the Russian Federation and promulgated in the Tax Code of the Russian Federation.

Keywords: personal income tax, deposit, bond, interest income, passive income


  1. Elkins D.A. Critical Reassessment of the Role of Neutrality in International Taxation. Northwestern Journal of International Law & Business, 2019, vol. 40, iss. 1, pp. 1–45.
  2. Shu-Chien J.Ch. Neutrality as Tax Justice: The Case of Common Consolidated Corporate Tax Base under the EU Law. European Studies, 2018, vol. 5, pp. 33–66.
  3. Sokolovskaya E.V., Sokolovskii D.B. [Developing of institution of capital income taxation taking into account the tax neutrality concepts]. Zhurnal institutsional'nykh issledovanii = Journal of Institutional Studies, 2013, vol. 5, no. 1, pp. 42–54. URL: Link (In Russ.)
  4. Karpova O.M., Mayburov I.A., Fan Y. Prospects and Problems of Realization of the VAT Neutrality Principle in Russia and China. Journal of Tax Reform, 2020, vol. 6, no. 2, pp. 124–141. URL: Link
  5. Balatskii E.V., Balandina A.S., Bannova K.A. et al. Teoretiko-metodologicheskaya palitra kosvennogo nalogooblozheniya: monografiya [Theoretical and methodological palette of indirect taxation: a monograph]. Moscow, YUNITI-DANA Publ., 2020, 375 p.
  6. Berzon N.I., Soldatova A.O., Mezentsev V.V. et al. Innovatsii na finansovykh rynkakh: monografiya [Innovation in financial markets: a collective monograph]. Moscow, HSE Publ., 2013, 424 p.
  7. Berzon N.I., Erofeeva T.M. [Russian corporate bond market: history of development, current trends, problems and prospects]. Vestnik Tomskogo gosudarstvennogo universiteta. Ekonomika = Tomsk State University Journal of Economics, 2018, no. 44, pp. 150–165. (In Russ.) URL: Link
  8. Belomyttseva O.S. [Development of the bond market in the Russian Federation: new types of bonds and changes in taxation]. Problemy ucheta i finansov = Problems of Accounting and Finance, 2016, no. 4, pp. 46–49. (In Russ.) URL: Link
  9. Belomyttseva O.S. [New trends in the development and taxation of the bond market in the Russian Federation]. Finansovyi biznes = Financial Business, 2018, no. 2, pp. 40–47. (In Russ.)
  10. Solomentsev A.S. [On the prospects of tax incentives for investment in bonds]. Vestnik universiteta, 2020, no. 8, pp. 140–148. (In Russ.)
  11. Belomyttseva O.S. [Development of investment tax deductions in the Russian Federation as a mechanism for stimulation of investments in securities]. Vestnik Tomskogo gosudarstvennogo universiteta. Ekonomika = Tomsk State University Journal of Economics, 2016, no. 2, pp. 99–113. (In Russ.) URL: Link
  12. Zhirnov R.A. [Personal income taxation of interest and discount income on circulating bonds]. Zakon = Law, 2018, no. 9, pp. 79–85. (In Russ.)
  13. Razumovskaya E.A., Shugaev I.A. [Some aspects of taxation of securities]. Ekspert: teoriya i praktika = Expert: Theory and Practice, 2020, no. 6, pp. 80–83. URL: Link (In Russ.)
  14. Sinyatkina V.V., Ryabova E.V. [Features of double taxation agreements regarding the regulation of passive income]. GosReg: gosudarstvennoe regulirovanie obshchestvennykh otnoshenii, 2019, no. 3, pp. 20–23. (In Russ.) URL: Link
  15. Kurochkin D.A. [Issues of differentiation of active and passive economic activity income in Russia in terms of cross-border taxation]. Nalogi i nalogooblozhenie = Taxes and Taxation, 2017, no. 4, pp. 20–30. (In Russ.) URL: Link
  16. Fossen F.M., Rees R., Rostam-Afschar D., Steiner V. The Effects of Income Taxation on Entrepreneurial Investment: A Puzzle? International Tax and Public Finance, 2020, vol. 27, no. 6, pp. 1321–1363. URL: Link
  17. Feldstein M.S. Personal Taxation and Portfolio Composition: An Econometric Analysis. Econometrica, 1976, vol. 44, no. 4, pp. 631–650. URL: Link
  18. Hubbard R.G. Personal Taxation, Pension Wealth, and Portfolio Composition. Review of Economics and Statistics, 1985, vol. 67, no. 1, pp. 53–60. URL: Link
  19. Jorgenson D.W., Yun K-Y. Tax Reform and the Cost of Capital. Oxford, Clarendon Press, 1991, 183 p.

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 27, Iss. 4
April 2021