The Bank of Russia will be obliged to transfer to the budget 75% of its net profit

Within the mobilization of additional income sources to the country’s budget, the Government of the RF introduced a draft bill in the State Duma of the RF, which obliges the Bank of Russia (CB of the RF) to transfer 75% of its net profit to the government revenues on a regular basis.

Today a norm, prescribed in the federal law about the CB of the RF, sets the size of assignments to the budget in the amount of 50% of net profit of the regulator for a financial year, however, it is suspended till the 1st of January 2016. In spite of 50% the CB of the RF has to transfer 75% of revenue, remaining after payment of tax and duties, at year-end 2013 and 2014.

Earlier the proposed bill was passed by the Government Commission for Legislative Drafting Activities.

According to the annual accounts of the Bank of Russia, the revenue of the CB made 129,3 bln RUB at year-end 2013, against 247,3 bln RUB in 2012. Now therefore, the CB of the RF reduced the profit more than in 1,9 times in the previous year. It is worth emphasizing, that in 2012 the sale of shares of Sberbank (the Savings Bank of the RF) had an positive effect on proceeds of the CB, which allowed it to raise additional incomes on the financial market in the amount of 149,7 bln RUB.