Taxes
Business support plan
Alyona Chechel, Olga Kuvshinova, Filipp Sterkin
Deputy Finance Minister Sergei Shatalov announced that the unified social tax reform could be postponed, that bonus depreciation could be tripled only in the next three to four years, and that companies would be reimbursed for value-added tax payments ahead of schedule.
On December 3, Shatalov said the Government would probably discuss the issue of delaying the replacement of social tax on insurance payments next spring.
"I cannot say for sure whether this decision will be revised. This issue is not on the agenda," Mr Shatalov told Interfax. He said that everything would depend on the economic situation.
In 2010, the 26% unified social tax is to be replaced with 34% deductions into the Pension Fund and the social insurance and medical insurance funds. These sums will be deducted from annual wages totalling up to 415,000 roubles ($15,000).
Shatalov explained that higher taxes could induce companies to pay more "grey" wages.
The Health and Social Development Ministry is working to overhaul the pension system on orders from Prime Minister Vladimir Putin, a ministerial spokesman said.
"The Ministry has no other information in regards to a delayed unified social tax reform," he said. The Government press service declined to comment on the issue.
Companies can take advantage of expedited VAT refunds. In late November, Prime Minister Putin said that tax agencies must drastically reduce VAT-refund deadlines. He said current VAT arrears, due to be compensated out of the budget, must be minimised by late 2008.
The Economic Development Ministry said tax agencies would repay 250 billion roubles ($8.7 billion) worth of frozen budgetary VAT arrears.
An official from a department involved in the discussion said 30-day VAT-refund deadlines could be introduced.
Eduard Godzdanker, deputy director of the TNK-BP legal department, said the current minimal deadline was either 3.5 months or up to 12 months since the export date.
Tax agencies could make a preliminary decision on VAT refunds and specify it after the relevant documents have been collected, Shatalov said. He said the Government would examine the required Tax Code amendments next spring.
An official from a department involved in the discussion said the mechanism would only apply to law-abiding and transparent companies, and that the relevant decision would be revised in case of violations.
He said there were alternative options but did not go into details, adding that the final scenario could be chosen by late 2008.
Bonus depreciation for equipment listed in three-seven depreciation groups with an effective service life between three and 20 years could be tripled to 30% next year.
This temporary measure could be introduced for the next three to four years, Shatalov told the paper.
An official from a federal department involved in the discussion said the measure was not temporary.
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Export duties boost corporate profits
Shatalov said oil companies had earned about $17.5 billion between January and August 2008 by means of the so-called "Kudrin scissors", since oil prices grew faster than export duties, but that they had subsequently lost nearly $7 billion.