Bank FK Otkrytiye : AMONG THE MAJOR CONTRIBUTORS TO THE COUNTRY’S BUDGET

15 August 2017

Otkritie Holding is among Russia's top 50 taxpayers

RBC has included Otkritie Holding in its list of Russia's top 50 taxpayers for the second year in a row. According to the group's 2016 consolidated statements, its total tax payments (exclusive of deferred taxes) exceeded RUB 8 billion.

RBC's 2016 research clearly shows that the list is dominated by oil&gas companies: the three biggest taxpayers are Rosneft, Gazprom and Lucoil. They are followed by the financial sector contributing RUB 334.4 billion to the country's budget in 2016. According to the Russian Federal Tax Service, Otkritie Holding's tax contributions account for 1.2% of this total, which ranks the company 8th among the financial players on the list. The 'financial sector' segment is topped by Sberbank, VTB and Gazprombank.

Another important finding of the research is that the tax burden on leaders of the Russian economy has become considerably heavier reaching 12.9% (+0.5% YoY).

'It is debatable whether it is good or bad for the economy. One thing is clear, though: so far, major taxpayers are increasingly being used to fund the budget,' says the research.

Sergey Malyshev, Head of Tax at Otkritie Holding, says: 'The budget has, indeed, been funded primarily by major taxpayers, Otkritie Holding being one of them. Increasing the tax burden on major enterprises amid the legislative changes introduced in response to the current global trends seems rather logical to me.'

RBC is Russia's leading multimedia group active in the Internet, television and press segments. The company conducts various market surveys each year and has issued a total of nearly 9,000 research reports.