Russian Finance Minister Anton Siluanov
the Finance Ministry is considering to introduce taxation of deposits. Experts fear that such innovation may cause outflow of deposits. Moreover, it can be hit primarily by state-owned banks
the Finance Ministry is considering taxation of deposits, said on Wednesday, October 26, Deputy Minister Alexei Moiseev. The situation, when people are “in principle not pay deposits by nothing”, absolutely exceptional for the world of practice, the Deputy Minister said (quoted by TASS).
“Man, having a billion rubles on Deposit, and there are such people, and pretty much pays no income taxes of their deposits. So to do more is unacceptable”, — said the Deputy head of the Ministry of Finance.
according to the Deputy Minister, the introduction of taxation of deposits is considered as an alternative to tax exemption coupons on the bonds. In December 2015, Russian President Vladimir Putin in his annual address to the Federal Assembly proposed to exempt from taxation the interest on the bonds.
With the release of the coupon payments from taxes to holders of bonds wouldn’t have had to pay the state of income earned. In recognition of the Deputy Minister, the Ministry of Finance has figured out how to do it. “It is therefore considered as work in progress equalization of conditions through the “make everything worse” that is all the same to tax any part of the Deposit,” — said Moses.
the Deputy Minister stressed that we are not talking about the presence of “any bill that is put on paper”. “But we think of it as one of the options,” he said. Taxation of large deposits widely used in international practice, said the late Deputy Minister of Finance. He stressed that the government this question is not discussed, and the Finance Ministry the bill is still not developing.
the press service of the Central Bank announced that the issue of tax policy is the prerogative of the Ministry of Finance. “The Bank of Russia will formulate its position after examining the proposals of the Ministry of Finance”, — said the representative of the Governor.
According to the chief economist of Alfa Bank Natalia Orlova, the implementation of such initiatives may lead to a partial outflow of deposits. Reacting to the introduction of such measures, the more affluent investors will likely move funds in financial markets such as bond, she said. “Most deposits are not such a significant amount. People quite difficult to take the money somewhere outside the Bank”, — said Orlov.
In the case of the introduction of income tax at the rate of 13% per annum for deposits of additional income in the budget could be around 200 billion roubles per year (taking into account the average yield on deposits at the rate of 8% per annum), calculated Orlov.
In that moment, when confidence in the banking system is very unstable, to introduce a tax on deposits may not be very timely, said Deputy Chairman of Absolut Bank Tatiana Ushkov. She said that, as a measure to combat serial investors the Finance Ministry’s proposal also does not look effective.
the initiative of the authorities to impose a tax on large deposits can lead to an outflow of funds in the stock market, in the same Eurobonds, said a top Manager of a major Bank. According to him, now large depositors to attract deposits because they yield given the lack of taxes is often close to the yield that show the debt market instruments. “The risks of lower”, — he said RBC.
According to him, innovation can suffer primarily large banks. “Most large depositors prefer banks with state participation, about 80% of the large deposits are placed in banks from top-5″, — said the banker.
asset Manager, UK “Alfa-Capital” Victor Barca like the idea of the Ministry of Finance. “I think that all market participants will support the Ministry of Finance because the tax on deposits encourages citizens to actively invest in the stock market,” he says.
the Chief economist of the pension Fund “Kapital” Evgenie Nadorshin believes that innovation can spur interest in Federal bonds. “There is a vested interest of the Ministry of Finance to encourage large depositors to move the majority of funds in public assets,” he says.
Earlier, officials discussed the taxation of large deposits. “Two years ago, the idea was to impose a tax on the owners of deposits, whose income for the year exceeded 1 million rubles.”, — recalled senior portfolio Manager GHP Group Fedor Bizikov.
as of 1 October, the volume of retail deposits % to 23.32 trillion the Volume of deposits decreased in July in ruble terms by 0.2% (taking into account the revaluation index rose 0.5 percent). Overall for the first nine months of this year the volume of deposits grew by 0.4% (excluding revaluation — 4.4%).
According to the materials of the Central Bank, the number of investors in Russia is about 45 million people. Number of holders of term deposits from 10 thousand rbl. is estimated at 25 million people (17% of the population) and account for 99% of all deposits. Practically, the dynamics of the Deposit market is completely determined by less than 20% of the population.
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