Putin signed the law about the transfer of 90% of the profits of the Central Bank to the budget

Putin signed the law about the transfer of 90% of the profits of the Central Bank to the budget


The relevant part of the profits will be transferred to the budget after approval by the Board of Directors of the Bank of Russia annual financial statements of the Central Bank in 2015.

MOSCOW, 28 Nov. The President of Russia Vladimir Putin ratified the law “On peculiarities of transferring in 2016 profit earned by the Central Bank of the Russian Federation by the end of 2015”, the text of the law posted on the website of the official portal of legal information.

The act provides for the listing in 2016, the Federal budget 90% of the profits of the Bank of Russia received by the end of 2015 and remaining after payment of taxes and fees. The relevant part of the profits will be transferred to the budget after approval by the Board of Directors of the Bank of Russia annual financial statements of the Central Bank in 2015.

The legislation provided for in the following year the transfer of 75% of Central Bank profits to the Federal budget. According to preliminary estimates of the Bank of Russia, the implementation of the laws was to bring in 2016 in the Federal budget further 56 billion. This is taken into account in the draft Federal budget for the next year. Subsequently, however, as reported to journalists the first Deputy Minister of Finance Tatyana Nesterenko, the Central Bank said the Outlook for profits in the budget additionally, it may arrive only 22 billion rubles, i.e. 34 billion rubles less.

The document was adopted by the state Duma on 20 November 2015, approved by the Federation Council on 25 November 2015.