Kudrin proposed to introduce a new tax for the participants of privatization


The government could introduce a tax on capital gains by requiring buyers of shares in the privatization of major assets in a low market to pay additional compensation if the action will further rise, said the head of the Committee of civil initiatives former Finance Minister Alexei Kudrin in an interview with TASS.

He noted that when the Russian economy will move from the fall in growth and if not prevent “any global problems when all other things being equal”, the value of the assets involved in the privatization, will grow — “for example, 20%”.

“And this means that the increase of the cost they will pay some tax. So it turns out we could in a year 20% more would have sold,” — said Kudrin.

According to him, if in 2016 the price of oil will be in the range of $35-40 per barrel, we can expect the growth of Russia’s GDP in 2017, while growth will be “to 1%”. In 2016 when the price of a barrel of oil at $35-40 GDP will decline by 1.5–2%, according to the former Finance Minister.

In early February President Vladimir Putin at a meeting with members of the government said that privatisation should not lead to the sale of assets for a pittance. “For the budget it will not bring much benefit, besides such a practice is fraught with hostile takeovers of rival companies, and this ultimately is also not the best for the market. This, of course, should be avoided”, — said Putin.

The Minister of economic development Alexei Ulyukayev, in turn, acknowledged that the state is necessary to carry out the privatization transaction property “on an extremely adverse market.” At the same time, he noted that to postpone the privatization is impossible, given the “critical” situation with the budget. “In 2014-2015 the market fell and continued to fall, we waited for the situation to change. Now came the realization that there is nowhere else to wait,” said he.

In mid-March the Ministry sent letters to the banks with a proposal to participate in the organization of privatization of “Bashneft”, ALROSA and VTB. In the letter talking about the sale of 50% of “Bashneft” and 10,9% ALROSA and VTB, said an investment banker familiar with the text.