exchange fees are equivalent to double income taxes – Kommersant
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The duties, the size of which is tied to the dollar exchange rate, do not take into account the predicted exchange rate situation and the real financial situation of companies and industries, says the head of the Russian Union of Industrialists and Entrepreneurs, Alexander Shokhin. According to him, at the end of 2023 it was noticeable how this negatively affected the implementation of investment programs.
“Some companies believe that if we translate into income tax, then a twofold, or even threefold increase in the load in certain periods is manifested. That is, the income tax can jump up to 45-50%, so to speak,” said Alexander Shokhin at the tax forum as part of the Russian Business Week of the Russian Union of Industrialists and Entrepreneurs. His words lead RBC.
Exchange rates for some exporters will be in effect until the end of 2024. Chairman of the RSPP Committee on Tax Policy Vladimir Rashevsky claims that there was almost no dialogue and economic analysis on this issue, and business was presented with a fait accompli. The exchange rate fee is calculated based on the exchange rate, but price dynamics are not taken into account. He noted that technically unprofitable activities can also be subject to duties, which is what actually happens.
“It sounds like we are taxing all exporters, but in fact, if you look at it, this is 25% of exporters, and the rest are subject to some exceptions. And if you look at the scale, for these industries this is equal to approximately 60% of the average annual investment programs that these industries had. They took it and decided to selectively take away 60% of the average annual investment program from active investment industries, and for some it is more than 100%,” said Vladimir Rashevsky.
Flexible exchange rate export duties have been in effect since October 2023. The government said that the measures were temporary and aimed “to protect the domestic market.”
Why the courts do not see unity in business in the face of taxes – in the Kommersant publication “Fragmentation and vacillation”.
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