The government has prepared amendments to the bill on excess profits tax
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More than a dozen banks in respect of which a financial recovery plan (FRP) is in effect will be exempted from paying a one-time tax on excess profits to the budget. At the same time, several banks formally fall under the criteria set by the government. Moreover, they steadily increased profits during the crisis period. However, their result is partly due to the peculiarities of the application of various indulgences, in the absence of which banks could show losses.
In the amendments prepared by the government to excess profits tax bill (windfall tax; reported by Ministry of Finance on Thursday, July 13) relaxations were made for the financial sector. In particular, banks that are undergoing financial recovery will be exempted from paying contributions to the budget. Such banks are excluded from taxpayers along with developers that work with escrow and did not pay dividends, as well as businesses that did not generate sales revenue in 2018-2019.
The authorities intend to impose a tax on excess profits for companies whose arithmetic average profit for 2021-2022 turned out to be more than 1 billion rubles. At the same time, the tax base is calculated as the excess of this value over the arithmetic average of profit for 2018–2019. Organizations will have to pay 10% of this amount. But for those who do it ahead of schedule in 2023, the rate will be 5%.
Currently, BM-bank (a subsidiary of VTB), banks “Uralsib” and “Peresvet”, as well as smaller credit organizations Investtorgbank, Baltinvestbank, VUZ-bank, Genbank, Gazenergobank, Mosoblbank, which are included in the thirty largest banks, remain under reorganization. Tavrichesky, Solidarity, Timer-bank, Econombank. In addition, formally, this list also includes the bank of non-core assets “Trust”, in respect of which the plan for the participation of the Central Bank in the person of the Banking Sector Consolidation Fund is in effect.
According to Kommersant’s assessment, Uralsib and Genbank are formally eligible for paying the tax, which in 2021 and 2022 made a total profit of 19.8 billion and 3.9 billion rubles. respectively.
At the same time, one of the highest profits was shown by BM Bank, which is part of the VTB Group (almost 29 billion rubles, although this is lower than earned in 2018-2019). At the same time, Trust has been consistently profitable over the past few years, receiving 52 billion rubles in 2021–2022. However, in 2018 the bank showed more than 157 billion rubles. loss. According to Artem Frantsuzov, Intana Legal tax advisor, the loss is carried forward to calculate the base — if the financial result of 2018 is negative, then the loss can be carried forward to 2019.
At the same time, as follows from the disclosed statements for the first five months of 2023, more and more banks being rehabilitated show profit, and considerable. In particular, the top 20 in terms of profit included Tavrichesky Bank (8.5 billion rubles), Uralsib (11.7 billion rubles, which is close to the annual profit for 2022 – 12.4 billion rubles. ). BM Bank (5.6 billion rubles) and Trust (5.8 billion rubles) remain profitable.
However, as Anastasia Terekhina, a partner at the FBK auditing and consulting company, notes, “if a bank is being rehabilitated and operates within the framework of a financial recovery plan, it, by definition, cannot be healthy and consistently profitable.”
According to the expert, “rehabilitated banks that show any profit in their statements, in fact earn it only thanks to the indulgences that apply to them in accordance with the individual PFO.”
The most striking example is a special schedule agreed with the Bank of Russia for additional creation of reserves for the loan portfolio. “If you create reserves in accordance with all the rules, then most likely the bank will be at a loss. At its core, it is illogical to apply windfall tax to obviously unprofitable banks,” summarizes Ms. Terekhina.
At the same time, healthy and profitable banks will pay, as previously expected. In total, the Ministry of Finance expects to replenish the budget as part of the windfall tax in the amount of about 300 billion rubles. The entire banking sector from among the top 50 largest taxpayers will account for 9% of payments, the agency estimated earlier. Sberbank is expected to pay the one-time fee ahead of schedule. According to previous estimates of the head of the bank, German Gref, the volume of expenses could reach about 10 billion rubles.
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