European business complained Siluanov on “tax on Google”

The Association of European businesses believe that the “tax on Google” can be a barrier for doing business in Russia. The Ministry of Finance point to the universality of taxation

Photo: Stephen Lam / Reuters

The CEO of the Association of European businesses (AEB) Frank Schauff complained of “tax on Google” in a letter addressed to the first Vice Premier, Finance Minister Anton Siluanov and head FNS of Michael mishustina. Schauff said that, in his opinion, the tax creates a “significant inconvenience”, which may be an additional barrier to doing business in Russia. Write about this “Vedomosti” citing a letter that the publication reviewed.

In 2019 will change the mechanism of charging a “tax on Google” VAT on sold on the Internet electronic products (games, music, books, etc.). Foreign companies will have to register with FNS and to pay VAT from the services they render to the Russian business. Now the taxes for them are paid customers.

Schauff proposes to maintain the current procedure. According to him, the requirement for foreign companies to register on and submit returns themselves are not consistent with international practice. For example, to pay VAT will have transnational companies, even if their only deal is an agreement with his “daughter” on granting the right to use internal systems. There is also a risk that Russian customers will not be able to receive a tax deduction if a foreign company won’t get registered.

Saudi Arabia will study the prospects for the future after the collapse of OPEC

Research center in Saudi Arabia is studying possible scenarios of development of events after the collapse of OPEC. “In the Kingdom know that the demand for oil will not last forever”, — the source says The Wall Street Journal

Photo: Heinz-Peter Bader / Reuters

In Saudi Arabia, government-funded research center examining the possible impact of the collapse of OPEC on the oil market, writes The Wall Street Journal.

President of the center for Adam Sieminski said that the study is not a response to the statement of US President Donald trump, who criticized the policy of the cartel. At the same time a senior adviser familiar with the project told the WSJ that the criticism from Washington will be considered. Depending on funding, the center can develop scenarios protect OPEC from disintegration.

The fed kept its benchmark rate at September

The fed kept the size of the base rate at the level of 2-2. 25% on Friday as data on inflation and unemployment. Prior to that, she was raised three times during the year. Now level the base rate is the highest since 2008

Photo: Kevin Lamarque / Reuters

The Federal reserve kept the value of the base rate at the level of 2-2. 25%, is spoken in the message of the regulator.

The decision not to raise its level explained ongoing and expected conditions in the labour market, inflation which is maintained at about the planned level of 2%, and balanced risks for economic development. “The labor market continued to strengthen, <…> economic activity was growing rapidly”, — quotes Reuters an excerpt from the latest report of the fed.

All intelligence: why taking control of email and mobile transfers

In the Duma introduced a draft law to toughen control over cash transactions, including postal orders and linked to mobile phone accounts. What this means for consumers and the financial services market — understood RBC

Photo: Kirill Kuhmar / TASS

In the state Duma on 8 November introduced a bill, expands the list of monetary transactions controlled by the Russian financial intelligence to combat money laundering and the financing of terrorism.

According to the document mail transfers over 100 thousand rubles and cash transactions at the expense of the subscriber, paid for the telephone services of more than 50 thousand rubles (or its equivalent in any currency) will be subject to mandatory supervision by the Federal financial monitoring service (Rosfinmonitoring), with the exception of cases of direct pay for services. In addition, mandatory controls apply to the transfer of client funds in excess of 600 thousand rubles., if the money is transferred on account of execution of obligations of a third party.

The authors of these amendments to the law “About counteraction to legalization (laundering) of incomes obtained in a criminal way, and terrorism financing” — the head of the Duma Committee on financial market Anatoly Aksakov, the deputies of the lower chamber Igor Divinsky, Oleg Nikolaev and Senator Nikolai Zhuravlev.

Oil Brent for the first time since mid-August, fell below $71 per barrel

The decline was more than 1.7%, the price of a barrel fell to $70,62. Analysts attributed the fall to fears of an oversupply of

Photo: Athit Perawongmetha / Reuters

The price of a barrel of Brent crude oil with delivery in January fell by 1.7% and reached a low of $70,62 (at 20:27 MSK). This is evidenced by trading on the ICE exchange.

Last time below $71, the price of a barrel of Brent fell 16 August, reaching a low of $70.4 per barrel.

As noted by Market Watch, the decline in oil prices is due to investor concerns that the market will perenosyatsya, they are concerned about the growth of oil production in Russia, USA and Saudi Arabia. The Agency says that in anticipation of the introduction of us sanctions against Iran, the country tried to compensate for the lack of Iranian exports.

Industrialists called the regulation a major problem for business

Government regulation is the main problem for industrial enterprises in Russia, according to a study by Deloitte. The company is also concerned about corruption and the low solvency of citizens

Photo: Sergey Bobylev / TASS

The key problem

Managers of industrial companies believe the major problem with doing business the imperfection of state regulation, according to the results of the review by Deloitte for the manufacturing sector in Russia.

The study is based on surveys and in-depth interviews with top managers of 77 companies in four sectors: metallurgy, chemical industry, automotive and equipment manufacturing. They were asked to choose the three most important issues when doing business. The imperfection of state regulation of the industry (that is, administrative and economic barriers) were chosen 46% of respondents, while a year earlier there were 44%. In second place was the corruption (40 vs 34% in 2017), the third — the lack of solvency of the population (38 versus 35%), followed by insufficient government support (35%), geopolitical risks (21%) and unattractiveness for foreign investors (19%).

With the Russians will begin to charge a fee when importing goods in the amount of €500

Ahead of plans, the Council of the Eurasian economic Commission decided to reduce the threshold duty-free import of goods to the countries of the Union early next year. For Russia it will be reduced three times — from €1,5 thousand to €500

Photo: Maxim Bogodvid / RIA Novosti

Early next year the threshold duty-free import of land transport of goods for personal use into the territory of the Eurasian economic Union (EEU — Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia) will be reduced to €500. The total weight of such goods should not exceed 25 kg, follows from the decision of the Council of the Eurasian economic Commission. The document posted on the legal portal EEU, all five members of the Council have approved this decision on 1 November. From the Russian side it was signed by first Deputy Prime Minister, Minister of Finance Anton Siluanov.

For Russia, this threshold will be reduced three times. Now according to the current legislation without payment of customs duties land transport in the country can hold items totaling up to €1.5 million for Air travel while duty-free is allowed to import into Russia the goods for €10 thousand max (this rule does not change). The total weight of these items in both cases should not exceed 50 kg. In case of exceeding these standards, the owner of the goods today have to pay a fee of 30% of its value (not less €4 for every extra kilo).

If goods gets more than stated in the norm, and weight, and the amount to be charged will be the fee, which is greater than the sum of, told RBC about existing in the moment, practice head of the commercial Department of the company “Universal Cargo Solutions” Maxim Koverchenko. “In the excess weight taken €4 per 1 kg, and the excess cost will be 30%. Customs will end up that increase in value will not take both”, he said. According to him, currently the norms of the duties are the same, only the threshold of entry is higher on amount and weight. Koverchenko believes that the result of this step, the people “will order a smaller party, if the product allows.”

“Do not be afraid”: when the Central Bank will raise rates in December

The head of the Bank of Russia increased the key rate in the future. The conditions for its reduction, according to Elvira Nabiullina, will appear not earlier the end of 2019. Experts interpreted her words as a signal that the December rate increase

Elvira Nabiullina

(Photo: Sergei Ilnitsky / EPA / TASS)

The Chairman of the Central Bank Elvira Nabiullina urged not to be afraid of a small increase in the key rate, which is currently set at 7.5%. “I would like to emphasize that we live in conditions of severe external pressure. Our task — not to allow this pressure to constrain economic development of the country. In these circumstances, should not be afraid of such steps, monetary policy, as some increase in the key rate,” said she, speaking in the Duma (quoted by “Interfax”).

“As paradoxical as it may sound, but a more rapid increase in rates reduces the likelihood of a significant increase in the future,” — said Nabiullina. “The Bank of Russia will consider the feasibility of further increasing the key rate, estimating the dynamics of the economy and inflation forecast, as well as risks from the external environment and the response of financial markets”, — said the head of the Central Bank (quoted by TASS). According to her, conditions for the easing of monetary policy appears only at the end of 2019 — beginning of 2020.

Vegetables and fruit prices dropped in mid-autumn for the first time in six years

In October in Russia has fallen in price almost all kinds of vegetables and fruits. Such unusual price reductions were not with 2012. Experts attribute this to increased volumes of products from greenhouses, introduced after predamage 2014

Photo: Alexander Nikolaev / Interpress / TASS

Vegetables and fruits in Russia in October fell by 1.1% compared with September. It was the first time since 2012, wrote in his review “Inflation in Russia” analyst “VTB Capital” (RBC). In annual terms prices for fruits and vegetables fell 0.5%, while in September it rose by 3.4%.

“The decline in prices for fruits and vegetables does not fit into the usual seasonal pattern: the last time the price decrease in this category of goods in October were recorded in 2012,” says the review. So, in October 2017, their prices rose 2.7%.

The analysts of “VTB Capital” explain the atypical decline in prices good harvest of greenhouse vegetables. Tomatoes are collected by 47.4% more than in October 2017, cucumbers by 15%, reported the Ministry of agriculture at the end of the month. The decline in prices for fruit and vegetables took away from the overall inflation by 0.15 percentage points and kept food inflation at 2.7%, according to “VTB Capital”. Overall consumer prices in October rose 0.4%, or 3.5% in annual terms.

Why is social inequality in Russia will grow

In 2017, Russia recorded the lowest level of social inequality over the last 12 years, but now it began to grow again due to the acceleration of inflation and wage growth

Photo: Alexander Artemenkov / TASS

In 2017, Russia recorded the lowest inflation in post-Soviet history — it was 2.5%. Were low and inflation for the poor, which promotes the consumption growth of poor populations and, consequently, reduce social inequality, wrote the Deputy Director of the Center of development VSHE Svetlana Misikhina in the review “Comments on the state and business”.

In 2017 Russia reached a minimum level of social inequality since 2006, according to preliminary data of Rosstat. The Gini coefficient (the most common indicator of stratification in society) at the end of last year amounted to 0,410 — below this level the index fell only in 2005 (0,409). The Gini coefficient takes values from zero in the case of absolute equality to unity in the case of absolute inequality.

However, in 2018, the measure of inequality has already begun to grow, and in 2019 due to the acceleration of inflation and the slowdown in public-sector wages, this gap will increase, suggested Misikhina.