• Internet for financial disclosures 
  opinions: 2    последнее :
  What information need you? I russian accountant!!! I`d like to help! Anthonas
• Record numbers pass ACCA exam 
  opinions: 2    последнее :
  Why not? :) Alexander Kurnikov
• Record numbers pass ACCA exam 
  opinions: 2    последнее :
  i want to now please if the chartered accountant acca can be patner in the big 4 firm. thank alexis
• Internet for financial disclosures 
  opinions: 2    последнее :
  Hello, my name is Dario Tomasello. I study economy and finance in bologna university (ITALY) and i am writing my final dissertation making a comparation between IFRS/IAS and russian GAAP. I am studying russian right now, i started few months ago. Pl Dario Tomasello

Print

Tell a Friend

Add to Favorites

Russia’s Ministry for Economic Development is almost done with a set of amendments to the existing legislation on financial markets – including tax legislation to lower tax burden on businesses. At the conference held by the Association of European Businesses of the Russian Federation Stanislav Voskresensky, deputy Minister for Economic Development, said that they would be ready with all need legislation projects before the end of December 2008.
 
It times of the financial crisis, it is vital to lower tax burden on businesses – this was even agreed upon by world leaders at the G20 summit this Saturday (including Russia’s president Dmitry Medvedev).

The set of amendments on taxation is currently at the Ministry of Finance awaiting agreement upon by its members – and the Ministry for Economic Development informs that this one is precisely the “anti-crisis” set. For instance, the ministry would like to introduce tax deductions for VAT for issued advance payments. Also, starting from January 2009, tax authorities will be given a possibility to make decision in respect to delays and extensions of tax payments for the period of up to 1 year. If it is a more than 1-year extension of payments (or a delay for more than 10 years) then this decision should be agreed upon by the Finance Minister. 

Officials proposed to free private individuals from the personal tax income for cases of selling mutual investment funds’ shares and securities held in possession for more than a year. Profits from selling securities and dividends will also be freed from the profit tax, but only in case a company has had them in its possession for more than a year and its interest in a controlled entity exceeds 25%.  

Finally, yet another proposal: starting from 2009, amortization premium will be increased to 30% for property, plant and equipment with useful life from 3 to 10 years. According to Stanislav Voskresensky, apart from general support for the financial system of Russia, the government wants to aid the real sector of the economy – the one that has “multiplicative” effects on the whole economy. “The government’s primary task in that respect is to maintain high demand for goods of those industries – including agriculture, building societies and other”, - he said.

As for the “underinvestment” problem, the ministry proposed the following treatment. “We’d like to cut investment plans of natural monopolies like “Gazprom”, “Russian Railways” and other in terms of their value due to decreased prices for resources, at the same time preserving exactly the same volumes”, - announced Mr. Voskresensky.

Source: “Gazeta”