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Moscow will get $ 940 million for Sberbank privatization
27.09.2012 08:36
Moscow will get $ 940 million for Sberbank privatization

Moscow budget will receive about $ 940 million due to Sberbank’s SPO, reports Interfax.


      

September 19, the Central Bank of Russia sold 7,58 % share of the largest Russian bank, Sberbank, for $5,2 billion. After the placement the Central Bank still owns 50 % plus one share of Sberbank.


      

As SPO is not among the main activities of the Central Bank, it has to pay an income tax on means, got via SPO. The major part of the tax should be transferred to the budget of the city where the Bank is registered, that is Moscow. The income tax in Moscow amounts 20%, 18 % out of it is transferred to the regional budget (i.e. Moscow) and 2% to the federal budget. According to Taxadvisor, the city may get the money by 28 October this year.   




Author: Irina Fomina

Tags: Russian business Russian banks Sberbank   

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