Central Bank wants to revise tax regulations on credit card transactions

The Central Bank of Russia believes that it is necessary to revise tax regulations on individual credit card transactions. Natalya Kochetkova, head of the Payment Systems and Transactions Department of the Central Bank, voiced this opinion at a round-table meeting in the Finansist press club, devoted to high technologies and finances.

In accordance with the current legislation, credit card transactions are considered equal to cash transactions, and, therefore, are subject to the 5% sales tax. According to Kochetkova, the Bank of Russia's position is that "this tax should be cancelled for credit card transactions." In this connection, the Central Bank of Russia has recommended that the Association of Russian Banks should raise this question and suggest a respective legislative initiative, since the Central Bank itself is not entitled to make such proposals.


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