For more than half the Finance Ministry is trying hard to prove that reducing the tax burden (VAT) on domestic producers and retirees have no money. At a time when oil companies receive additional tax breaks, and the banks show a huge profit.
Lukoil to earn tax breaks of $ 25 billion
The benefit of Lukoil's taken this summer by the changes in the taxation of oil companies make in the next nine years, 24-27 billion dollars, informs "Interfax". This can increase the value of the company for 20-22 per cent.
According to amendments to legislation, mineral extraction tax is charged now with oil worth about $ 15 per barrel, and not nine, as it was before. In addition, the amendments provide tax breaks for oil companies operating on the continental shelf. Concessions will be valid until the 35 million tons of crude in the oil field, provided that the period reserve development subsoil does not exceed 10 years. As a result of price changes cut the tax burden will decrease by 9.6 dollars per ton. The combined effect of increasing the cut-off price for the years 2009-2017 is estimated at 8.4 billion dollars. In 2009, this would amount to 890 million, and in 2010 - 880 million. Lukoil has licenses to develop fields in the Sea of Azov and Caspian Seas and in the Nenets Autonomous District. They all fall under the system of tax holidays.
Furthermore, replacing the direct method of determining the amount of extracted raw materials to produce even an indirect 4,1-4,9 billion dollars of additional revenue. Finally, the application of indirect methods for heavy oil will 5-5,9 billion.
Amendments to legislation were introduced in 2008 ...
Rosneft in the first half to earn $ 38 million a day
The largest Russian oil company Rosneft announced a record increase in net profit in the first six months of this year. This is stated in the official press release published on its website.
During the first half net profit of Rosneft was about 6.9 billion dollars. This is more than 187 percent (ie, almost three times) higher than the company's profit for January-June 2007 - about 2,4 billion dollars, which means that the company earned approximately $ 38 million per day.
In a message to Rosneft says that revenue growth is associated with an increase in oil production. During the period from January to June 2008 they increased by 15.5 percent compared with the first half of 2007.
As we have previously reported that in the first quarter of this year net profit of "Rosneft" has grown seven-fold over the same period in 2007. She was about 2,6 billion dollars, against 358 million dollars a year earlier.
In April it became known that the profitability of the state "Rosneft" came very close to the largest private oil companies - Lukoil. It is worth noting that on August 29, Lukoil has also published results of work from January to June 2008. Net income excluding hedging and one-time write-offs reached about 8.2 billion, 103.5 percent more than in the first half of 2007. At the same time, reporting net income of this period, only 91.1 per cent higher than in 2007.
Source: Lenta.ru
Ministry of Finance found no grounds to reduce the VAT
Hope business is that the calculation of the Finance Ministry to reduce the effects of VAT to 12% will Aleksei Kudrin, a supporter of rate cuts did not materialize. The figures only confirm fears that the budget were missing a large part of income.
But the business assigned to that calculation hopes. Lower VAT promised Vladimir Putin. "We must seek to establish a uniform and maximally low VAT rates," - said he had as president of Russia in February 2008. The most likely level to which will lower the tax - 12-13%, said if the head of the Expert Department of the president and now presidential aide Arkady Dvorkovich. This idea was included in the electoral program of the future president of Russia Dmitry Medvedev. But the Treasury was strongly opposed, arguing that reducing the VAT rate will hit the budget revenues. Business with the support of Economic Development Ministry insisted on the reverse: a decrease in the tax burden stimulates the growth of GDP, and hence lead to an increase in treasury income.
Judge who is right, and had calculated that the Ministry of Finance undertook to provide for the fall.
Indeed, although the question of whether "to reduce or not reduce the" VAT is discussed for several years, a detailed assessment of the consequences of this step was not. "Previously, opponents on both sides of customized solution for a response that seemed to them right", - explained in the Russian Union of Industrialists and Entrepreneurs (RSPP). But business was confident that a detailed calculation shows it is his right.
Alas, the hopes of entrepreneurs did not materialize. Ministry of Finance only strengthened in my opinion.
VAT - a major source of federal revenues, like Alexei Kudrin agency: in 2007 the share of VAT in the total income of the federal budget amounted to more than 29%. "The establishment of a unified VAT rate of 12% will lead to the loss of the federal budget in the amount of up to 1,9% of GDP and fiscal losses of up to 1.5% of GDP" - warns ministry. In addition, VAT "is one of those taxes which are the least dependent on commodity prices, forming a structural component of budget revenues," admonishes the Finance Ministry.
VAT cut could undermine the sustainability of the budget system, concludes the ministry, if it does not raise other taxes.
Slack to the federal budget will increase the tax rate on profits of 7 subsections (31%), income tax for individuals on 6,5 PP (up to 19,5%), the base rate UST 8.10 PP (up to 34-36% depending on changes in the scale of the regression) and the level of excise taxation in the three-fold.
So the Finance Ministry proposes to implement only a part of Putin's idea - go to a single rate of tax, "which will help simplify VAT administration and reduce existing disparities in the Russian economy." For a number of sectors of the economy, this means an increase from 0% to 18%.
Neither the Ministry of Economic Development, nor the business community could not accept such a proposal. "The goal of reducing the VAT - the provision of structural changes in the economy. Reduction of one tax simultaneously with the increase of other not reduce the tax burden. And the tax burden should be reduced, to move away from raw material orientation of the economy. That suggests that MOF, seems unacceptable. This preserves the imbalance ", - said Minister of Economic Development Advisor Sergei Belyakov. "Reducing the VAT is able to provide structural changes in the economy by stimulating investment in the development of industries with high added value -" Gazeta.ru said the press service of the RSPP. - Offers the Ministry of Finance on the reduction of VAT rates with a simultaneous increase in other taxes (income tax, personal income, UST, etc.) is also unacceptable for business. "
"VAT, in fact, stimulate exports, but because the Finance Ministry simply demonstrates the reluctance to leave the rolling rails export-oriented economy", - head of the executive committee agrees to the Business Russia Nikolay Ostarkov.
The main argument of the Ministry of Finance - long lost income - is not persuaded MED. "We understand that in the short term will be falling budget revenues. But we hope that after 4 years they will be fully covered by expanding the tax base, an active business development and due to the fact that the company will come out of the shadows. Of course, it needs to improve the administration "- said Belyakov. Other proposals in the Ministry of Economic Development Ministry of Finance called the measures "that need to be discussed." "The VAT rate - is not negotiable. And the adoption of this measure should not be linked to the growing burden of other taxes - the main parameters, such as the rate base ", - considers Belyakov. UST, income tax, may be discussed in terms of reform of these particular taxes and directions of development of tax policy rather than as compensation for reduced rates of VAT, it is believed the ministry.
Source: Gazeta.ru,
Selection made Nicholas Baibakov
Lukoil to earn tax breaks of $ 25 billion
The benefit of Lukoil's taken this summer by the changes in the taxation of oil companies make in the next nine years, 24-27 billion dollars, informs "Interfax". This can increase the value of the company for 20-22 per cent.
According to amendments to legislation, mineral extraction tax is charged now with oil worth about $ 15 per barrel, and not nine, as it was before. In addition, the amendments provide tax breaks for oil companies operating on the continental shelf. Concessions will be valid until the 35 million tons of crude in the oil field, provided that the period reserve development subsoil does not exceed 10 years. As a result of price changes cut the tax burden will decrease by 9.6 dollars per ton. The combined effect of increasing the cut-off price for the years 2009-2017 is estimated at 8.4 billion dollars. In 2009, this would amount to 890 million, and in 2010 - 880 million. Lukoil has licenses to develop fields in the Sea of Azov and Caspian Seas and in the Nenets Autonomous District. They all fall under the system of tax holidays.
Furthermore, replacing the direct method of determining the amount of extracted raw materials to produce even an indirect 4,1-4,9 billion dollars of additional revenue. Finally, the application of indirect methods for heavy oil will 5-5,9 billion.
Amendments to legislation were introduced in 2008 ...
Rosneft in the first half to earn $ 38 million a day
The largest Russian oil company Rosneft announced a record increase in net profit in the first six months of this year. This is stated in the official press release published on its website.
During the first half net profit of Rosneft was about 6.9 billion dollars. This is more than 187 percent (ie, almost three times) higher than the company's profit for January-June 2007 - about 2,4 billion dollars, which means that the company earned approximately $ 38 million per day.
In a message to Rosneft says that revenue growth is associated with an increase in oil production. During the period from January to June 2008 they increased by 15.5 percent compared with the first half of 2007.
As we have previously reported that in the first quarter of this year net profit of "Rosneft" has grown seven-fold over the same period in 2007. She was about 2,6 billion dollars, against 358 million dollars a year earlier.
In April it became known that the profitability of the state "Rosneft" came very close to the largest private oil companies - Lukoil. It is worth noting that on August 29, Lukoil has also published results of work from January to June 2008. Net income excluding hedging and one-time write-offs reached about 8.2 billion, 103.5 percent more than in the first half of 2007. At the same time, reporting net income of this period, only 91.1 per cent higher than in 2007.
Source: Lenta.ru
Ministry of Finance found no grounds to reduce the VAT
Hope business is that the calculation of the Finance Ministry to reduce the effects of VAT to 12% will Aleksei Kudrin, a supporter of rate cuts did not materialize. The figures only confirm fears that the budget were missing a large part of income.
But the business assigned to that calculation hopes. Lower VAT promised Vladimir Putin. "We must seek to establish a uniform and maximally low VAT rates," - said he had as president of Russia in February 2008. The most likely level to which will lower the tax - 12-13%, said if the head of the Expert Department of the president and now presidential aide Arkady Dvorkovich. This idea was included in the electoral program of the future president of Russia Dmitry Medvedev. But the Treasury was strongly opposed, arguing that reducing the VAT rate will hit the budget revenues. Business with the support of Economic Development Ministry insisted on the reverse: a decrease in the tax burden stimulates the growth of GDP, and hence lead to an increase in treasury income.
Judge who is right, and had calculated that the Ministry of Finance undertook to provide for the fall.
Indeed, although the question of whether "to reduce or not reduce the" VAT is discussed for several years, a detailed assessment of the consequences of this step was not. "Previously, opponents on both sides of customized solution for a response that seemed to them right", - explained in the Russian Union of Industrialists and Entrepreneurs (RSPP). But business was confident that a detailed calculation shows it is his right.
Alas, the hopes of entrepreneurs did not materialize. Ministry of Finance only strengthened in my opinion.
VAT - a major source of federal revenues, like Alexei Kudrin agency: in 2007 the share of VAT in the total income of the federal budget amounted to more than 29%. "The establishment of a unified VAT rate of 12% will lead to the loss of the federal budget in the amount of up to 1,9% of GDP and fiscal losses of up to 1.5% of GDP" - warns ministry. In addition, VAT "is one of those taxes which are the least dependent on commodity prices, forming a structural component of budget revenues," admonishes the Finance Ministry.
VAT cut could undermine the sustainability of the budget system, concludes the ministry, if it does not raise other taxes.
Slack to the federal budget will increase the tax rate on profits of 7 subsections (31%), income tax for individuals on 6,5 PP (up to 19,5%), the base rate UST 8.10 PP (up to 34-36% depending on changes in the scale of the regression) and the level of excise taxation in the three-fold.
So the Finance Ministry proposes to implement only a part of Putin's idea - go to a single rate of tax, "which will help simplify VAT administration and reduce existing disparities in the Russian economy." For a number of sectors of the economy, this means an increase from 0% to 18%.
Neither the Ministry of Economic Development, nor the business community could not accept such a proposal. "The goal of reducing the VAT - the provision of structural changes in the economy. Reduction of one tax simultaneously with the increase of other not reduce the tax burden. And the tax burden should be reduced, to move away from raw material orientation of the economy. That suggests that MOF, seems unacceptable. This preserves the imbalance ", - said Minister of Economic Development Advisor Sergei Belyakov. "Reducing the VAT is able to provide structural changes in the economy by stimulating investment in the development of industries with high added value -" Gazeta.ru said the press service of the RSPP. - Offers the Ministry of Finance on the reduction of VAT rates with a simultaneous increase in other taxes (income tax, personal income, UST, etc.) is also unacceptable for business. "
"VAT, in fact, stimulate exports, but because the Finance Ministry simply demonstrates the reluctance to leave the rolling rails export-oriented economy", - head of the executive committee agrees to the Business Russia Nikolay Ostarkov.
The main argument of the Ministry of Finance - long lost income - is not persuaded MED. "We understand that in the short term will be falling budget revenues. But we hope that after 4 years they will be fully covered by expanding the tax base, an active business development and due to the fact that the company will come out of the shadows. Of course, it needs to improve the administration "- said Belyakov. Other proposals in the Ministry of Economic Development Ministry of Finance called the measures "that need to be discussed." "The VAT rate - is not negotiable. And the adoption of this measure should not be linked to the growing burden of other taxes - the main parameters, such as the rate base ", - considers Belyakov. UST, income tax, may be discussed in terms of reform of these particular taxes and directions of development of tax policy rather than as compensation for reduced rates of VAT, it is believed the ministry.
Source: Gazeta.ru,
Selection made Nicholas Baibakov
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