The Finance Ministry proposes to reduce the tax burden for lost license banks. The relevant draft law was published on the Federal portal of drafts of legal acts.
“Article 292 of the RF tax code contains no provisions regulating the use of reserve for possible losses on loans, which creates legal uncertainty for such category of taxpayers, as banks after the revocation of the license”, – stated in the rationale for the initiative.
The authors of the bill note that after the revocation of the license banks are required to pay profit tax taking into account reserves, thereby worsening the financial condition of the organization and its ability to pay its creditors in bankruptcy proceedings.
The project is expected to govern the use of reserve for possible loan losses for banks after the revocation of license for banking operations. A public discussion document will run until 18 October. The entry of the law into force is scheduled for January 2018.
Note, since the beginning of October the Bank of Russia has revoked the licenses of two Moscow banks – “Tempbank” and “International Fund Bank”.