Tax and customs benefits will be revised

It is known that taxes are the integrated part of income of treasuries at all levels. In 2015 taxes and insurance payments in Russia amounted to 79% of the income at all levels. According to 2015 results in the State consolidated budget among taxes the largest share has the personal income tax (PIT) – 41%. The second place takes the income tax - 31% and the third - the property tax with 15%. The shares of other taxes are included in table 1.

UTII - unified tax on imputed income for certain activities

MET– mineral extraction tax

Types of taxes, taxpayers, objects of taxation, tax base, tax rates and tax benefits are determined by the Tax code of the Russian Federation, the Budget code of the Russian Federation and in accordance with the laws of constituent entities of the Russian Federation on taxes and other legislative acts. The Federal taxes and charges include value-added tax (VAT), excises, PIT, income tax, MET, water tax and others. The Regional taxes include corporate property tax, gambling tax, transport tax. The local taxes and charges include land value tax, individual property tax and sales tax.

At the present time the summarized tax burden of business entity looks as follows:

• the income tax rate is 20%, among them 2% go to the Federal budget, 18% to the budgets of constituent entities of the Russian Federation; the tax rate for enterprises with the simplified tax system (STS) is 6% of the income (gross profit), or 15% of profit before taxation;
• insurance contributions reach 30%, among them: 22% of wage fund go to the Pension Fund of the Russian Federation, Federal Compulsory Medical Insurance Fund - 5,1% and Social Insurance Fund - 2,9%; the rate of insurance payment for enterprises with the STS is 20%;
• PIT is transferred to the State by the employer according to the accrued salary in the amount of 13%;
• VAT – 18%, for a number of products it decreases;
• Property taxes cannot exceed 2.2%.

At the present time the regions have the right to decrease the income tax rate to 10%. However the benefit applies only to those companies, which will invest from 50 to 500 mln RUB in the development of the region. The decrease in the rate is connected with the necessity to attract the investors to the regional projects and local industries, thereby to increase the activeness of financial investment – one of the most important figures in macroeconomics. According to the assessments of the Ministry of economic development of the Russian Federation, decline in investment in Russian economy may amount to 2,7-3,1%, that definitely is an alarming factor.

The work of the Ministry of Finance in association with the Ministry of economic development, the Federal Tax Service, the Federal Customs Service of the Russian Federation on revision of tax and customs benefits was resumed. The governmental authorities are going to reassess the benefits from the point of loss of revenue from the budget. This is related to preparation of a budget for 2017-2019, which, as expected, will be tight. The reform should be completed in the second half of next year. As a result, the final list of tax and customs benefits will be formed. They will be distributed to state programs or included in non-program budget expenditures.