Tax authorities demand 35% from "interest-free" car loans

Car buyers who have taken out preferential car loans with an interest rate of 0–0.01% per annum may face additional expenses. The Federal Tax Service has begun to consider the savings on such loans as a material benefit, which is subject to tax.

We are talking about personal income tax at a rate of 35%. The tax is calculated on the difference between the actual interest rate on the loan and the threshold established by law.

The basis for this was changes in tax legislation. According to the current rules, if the interest rate on a loan is lower than two-thirds of the key rate of the Central Bank of Russia, the resulting savings are recognized as the borrower's income.

Currently, the key rate is 15.5%, so loans with a rate of 0–0.01% fall under this rule.

The calculation is performed automatically. The bank determines the difference between the actual interest rate on the loan and two-thirds of the key rate of the Central Bank of Russia, and then transmits the information to the tax service.

Based on this data, the Federal Tax Service calculates the amount of tax.

Some car owners note that when applying for a loan, banks and dealers advertised such programs as an almost interest-free installment plan. At the same time, according to them, possible tax consequences were often not informed in advertising and loan agreements.

Previously, such material benefits were temporarily not taxed. From 2021 to 2023, concessions were in effect, but later the norms of the Tax Code were changed.

The first notifications about the need to pay tax may be received by car owners as early as this year.