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
References:
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.
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.
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.)
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
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.
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.
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
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
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.)
Solomentsev A.S. [On the prospects of tax incentives for investment in bonds]. Vestnik universiteta, 2020, no. 8, pp. 140–148. (In Russ.)
Belomyttseva O.S. [Development of investment tax deductions in the Russian Federation as a mechanism for stimulation of investments in securities]. VestnikTomskogo gosudarstvennogo universiteta. Ekonomika = Tomsk State University Journal of Economics, 2016, no. 2, pp. 99–113. (In Russ.) URL: Link
Zhirnov R.A. [Personal income taxation of interest and discount income on circulating bonds]. Zakon = Law, 2018, no. 9, pp. 79–85. (In Russ.)
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.)
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
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
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
Feldstein M.S. Personal Taxation and Portfolio Composition: An Econometric Analysis. Econometrica, 1976, vol. 44, no. 4, pp. 631–650. URL: Link
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
Jorgenson D.W., Yun K-Y. Tax Reform and the Cost of Capital. Oxford, Clarendon Press, 1991, 183 p.
