Rus News Journal

Bills have got under the tax

Association of participants of the bill market (AUVER) yesterday has acted with sharp kriti
  Bills have got under the tax
the Association of participants of the bill market (AUVER) has flayed yesterday 26 heads of the Tax code, entering the duty on release of bills (it is brought in the State Duma by the government). According to association, gathering introduction in the offered kind not only will strike on participants of the bill market, but can lead even to economic recession.

the Role of a bill turn in Russia is difficult for overestimating. By estimations AUVER, for only one 2000 the Russian banks have given out bills for the sum exceeding 500 mlrd rbl. It corresponds about thirds of actives of the Russian bank system. For the similar sum have let out bills and the Russian companies. The volume of transactions with bills last year has made not less than 5 trln rbl.
Now at release of these papers of any special taxes or gathering is not paid, as well as during the further turn of the bill. However the government suggests to enter since 2002 the state duty at release translation or promissory notes at a rate of 0,8 % from their face-value. Thereby the bill is equated to issue securities at which release now it is necessary to pay the tax in 0,8 % from issue volume. According to developers of the amendment, introduction of this duty will allow to increase a profitable part of the budget. Other motivations in financially - an economic justification this amendment to the Tax code it is not resulted.
however chairman of the council AUVER Alexander Makeev considers that instead of increase in incomes of the budget the government can receive economic recession. After all rise in price of bill schemes approximately on 10 % annual becomes a consequence of introduction of gathering. At release of short-term bills such rise in price becomes excessive for participants of bill schemes.
negatively concern gathering introduction at release of bills and in bank committee of the State Duma. As has declared yesterday the vice-president of committee Vladimir Tarachev, the rate in 0,8 % is too great and non-comparable now to cost of loans in the market. The deputy considers that at release of bills it is necessary to establish the small fixed size of the duty .
Thus in AUVER understand that gathering introduction on release of bills inevitably. However, according to Alexander Makeeva, the payment at bill release should make at the beginning no more than 0,05 % from its face value. Thus the government can partially satisfy the fiscal interests, having entered a surtax to 0,1 % by each transfer of a security.

ALEXANDER - SEMENOV