Federal Law No. 259-FZ dated 08.08.2024 amends the calculation of material benefit from savings on interest on loans.

Now the minimum of two key rate values should be used to calculate the material benefit (subparagraph 1, paragraph 2, Art. 212 of the Tax Code of the Russian Federation):

  • as of the date of conclusion (or amendment) of the loan agreement;
  • on the date of receipt of income (the last day of the month for which the calculation is made).

Under the old rules, the calculation was based on the CBR rate on the date of receipt of income – the last day of the month.

The new rule applies to income received from January 1, 2024.

If personal income tax on material benefit was withheld in 2024, income and tax must be recalculated.