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  • Ñïðàâêà î ãðóïïå ÃÔÒ
  • Ðóêîâîäñòâî ãðóïïû ÃÔÒ
  • Îôèöèàëüíàÿ èíôîðìàöèÿ
  • Ñîòðóäíè÷åñòâî
  • Ìû â ÑÌÈ
  • Íîâîñòè
  • Íàø âçãëÿä íà ðûíîê
  • Âàêàíñèè
  • Êîíòàêòû

Ñ 1 ÿíâàðÿ ñëåäóþùåãî ãîäà óïðàâëÿþùèå êîìïàíèè è ïðî÷èå ó÷àñòíèêè ôèíàíñîâîãî ðûíêà ïåðåñòàíóò ïëàòèòü ÍÄÑ ñî ñâîèõ óñëóã.

Ñ 1 ÿíâàðÿ ñëåäóþùåãî ãîäà óïðàâëÿþùèå êîìïàíèè è ïðî÷èå ó÷àñòíèêè ôèíàíñîâîãî ðûíêà ïåðåñòàíóò ïëàòèòü ÍÄÑ ñî ñâîèõ óñëóã.

Ýòà ýêîíîìèÿ óðàâíÿåò èõ ñ áàíêàìè. Âïðî÷åì, ïîëó÷àò ëè îò íàëîãîâûõ ïîáëàæåê âûãîäó êëèåíòû ÓÊ — ïîêàæåò òîëüêî âðåìÿ. Íîâåéøàÿ ðîññèéñêàÿ èñòîðèÿ ïîêàçûâàåò, ÷òî êîìïàíèè-íàëîãîïëàòåëüùèêè íå ãîòîâû äåëèòüñÿ ëüãîòàìè ñ êëèåíòàìè.

Èçìåíåíèÿ â Íàëîãîâûé êîäåêñ, îñâîáîæäàþùèå îò óïëàòû ÍÄÑ ñðàçó íåñêîëüêî êàòåãîðèé ó÷àñòíèêîâ ôèíàíñîâîãî ðûíêà, áûëè ïðèíÿòû â ñîñòàâå ïàêåòà ïîïðàâîê «Î âíåñåíèè èçìåíåíèé â îòäåëüíûå çàêîíîäàòåëüíûå àêòû Ðîññèéñêîé Ôåäåðàöèè», ïîäïèñàííîãî ïðåçèäåíòîì 28 èþëÿ. Ýòîò ïðàâèòåëüñòâåííûé çàêîí çàïîìíèëñÿ â îñíîâíîì ââåäåíèåì íîâîãî òèïà ÏÈÔîâ — áèðæåâûõ. Âïðî÷åì, íåáåçûíòåðåñíà è åãî îñòàâøàÿñÿ â òåíè íàëîãîâàÿ ñîñòàâëÿþùàÿ, âñòóïàþùàÿ â ñèëó ñ 1 ÿíâàðÿ 2013 ãîäà. Ñîãëàñíî åé, ÍÄÑ ïî ñâîèì óñëóãàì ïåðåñòàíóò óïëà÷èâàòü óïðàâëÿþùèå öåííûìè áóìàãàìè, óïðàâëÿþùèå êîìïàíèè èíâåñòèöèîííûõ ôîíäîâ, ïàåâûõ èíâåñòèöèîííûõ ôîíäîâ è íåãîñóäàðñòâåííûõ ïåíñèîííûõ ôîíäîâ, ðåãèñòðàòîðû, äåïîçèòàðèè, äèëåðû, áðîêåðû è êëèðèíãîâûå îðãàíèçàöèè, îðãàíèçàòîðû òîðãîâ è ïðî÷. Íàïîìíèì, ñåé÷àñ ñòàâêà ÍÄÑ ñîñòàâëÿåò 18%, â ñîñòàâå ñòîèìîñòè óñëóã, îêàçàííûõ ïåðå÷èñëåííûìè ó÷àñòíèêàìè ôèíàíñîâîãî ðûíêà, óïëà÷èâàþò èõ êëèåíòû.

Òàêèì îáðàçîì, ó÷àñòíèêîâ ôèíàíñîâîãî ðûíêà ñ òî÷êè çðåíèÿ íàëîãîîáëîæåíèÿ ÍÄÑ ôàêòè÷åñêè óðàâíÿëè ñ áàíêàìè, óñëóãè êîòîðûõ íå ïîäëåæàò îáëîæåíèþ ÍÄÑ. «Òàêèì îáðàçîì, çàêîíîäàòåëè óáèðàþò èñêóññòâåííûå ïðåôåðåíöèè îòäåëüíûõ îïåðàòîðîâ ðûíêà, â äàííîì ñëó÷àå áàíêîâ», — ñ÷èòàåò ïàðòíåð êîìïàíèè Legal Capital Partners Äìèòðèé Êðóïûøåâ.

Ó÷àñòíèêàì ôèíàíñîâîãî ðûíêà ýòî ìîæåò íåñêîëüêî îáëåã÷èòü æèçíü, ñ÷èòàþò ýêñïåðòû. «Îòìåíà ÍÄÑ óïðîñòèò äëÿ ó÷àñòíèêîâ ðûíêà ôîðìèðîâàíèå íàëîãîâîé áàçû è ñîêðàòèò ðàñõîäû íà àäìèíèñòðèðîâàíèå íàëîãîâ», — ñ÷èòàåò óïðàâëÿþùèé äèðåêòîð ÓÊ «Áðîêåðêðåäèòñåðâèñ» Âëàäèìèð Ñîëîäóõèí.  òî æå âðåìÿ, îòìå÷àåò îí, ïåðåõîä íà íîâûé ðåæèì íàëîãîîáëîæåíèÿ ìîæåò áûòü ñîïðÿæåí ñ íåêîòîðûìè íåóäîáñòâàìè: êîìïàíèÿì, â ÷àñòíîñòè, ïðèäåòñÿ ïåðåïèñûâàòü òèïîâûå äîãîâîðû, ñóììà âîçíàãðàæäåíèÿ â êîòîðûõ ñåé÷àñ âêëþ÷àåò ÍÄÑ.

Âûãîäà äëÿ êëèåíòîâ òåõ æå óïðàâëÿþùèõ âðÿä ëè áóäåò ñëèøêîì çàìåòíîé, óêàçûâàþò ýêñïåðòû. «Ñ îòìåíîé ÍÄÑ âîçìîæíî, ÷òî óìåíüøèòñÿ âîçíàãðàæäåíèå óïðàâëÿþùèõ êîìïàíèé. Íî òàê êàê êëèåíòû ïðèâûêëè óïëà÷èâàòü îïðåäåëåííóþ ñóììó â êà÷åñòâå âîçíàãðàæäåíèÿ, âåðîÿòíåå, ÷òî óâåëè÷èòñÿ ïðèáûëü ÓÊ», — ñ÷èòàåò ñòàðøèé ïàðòíåð êîìïàíèè «Ïåïåëÿåâ Ãðóïï» Èâàí Õàìåíóøêî. «Ê ñîæàëåíèþ, â ñîâðåìåííîé èñòîðèè Ðîññèè îòìåíà è ñíèæåíèå íàëîãîâ âîîáùå íèêàê íå âëèÿëè íà ñòîèìîñòü óñëóã èëè òîâàðîâ,— âñïîìèíàåò ïàðòíåð Taxadvisor Äìèòðèé Êîñòàëüãèí. — Äîñòàòî÷íî âñïîìíèòü ñíèæåíèå ñ 2004 ãîäà ÍÄÑ íà 2% (ñ 20% äî 18%) èëè îòìåíó íàëîãà ñ ïðîäàæ». «Íî, — ïðîäîëæàåò îí, — âñå æå õî÷åòñÿ íàäåÿòüñÿ, ÷òî ôèíàíñîâûé ðûíîê íàñ óäèâèò». «Âåäü, ó÷èòûâàÿ, ÷òî çà÷åò âõîäÿùåãî è èñõîäÿùåãî ÍÄÑ â ìàñøòàáå, õàðàêòåðíîì äëÿ îáû÷íûõ íàëîãîïëàòåëüùèêîâ, äëÿ íèõ íåäîñòóïåí, ôèíàíñîâûé ýôôåêò îò ïîñëàáëåíèÿ áóäåò çíà÷èòåëüíûì, ÷òî ïîçâîëÿåò ïîäåëèòüñÿ õîòÿ áû ÷àñòüþ åãî ñ êëèåíòàìè», — ðàññóæäàåò îí.

«Â ñðåäíåì ðàçìåð âîçíàãðàæäåíèÿ óïðàâëÿþùèõ êîìïàíèé ïàåâûõ èíâåñòèöèîííûõ ôîíäîâ ðàâåí 3% îò ñòîèìîñòè ÷èñòûõ àêòèâîâ (Ñ×À)», — îöåíèâàåò ãåíäèðåêòîð ÓÊ «Êàïèòàëú» Âàäèì Ñîñêîâ. Ïîñëå îòìåíû âçèìàíèÿ ÍÄÑ äåíüãè, êîòîðûå øëè íà óïëàòó ýòîãî íàëîãà, áóäóò ëèáî ïåðåðàñïðåäåëÿòüñÿ ìåæäó ïàéùèêàìè â âèäå äîáàâêè ê ñòîèìîñòè ïàÿ, ëèáî óâåëè÷àò äîõîä ÓÊ.  îáîèõ ñëó÷àÿõ «äîõîäû óâåëè÷àòñÿ íà 0,5% Ñ×À», îòìå÷àåò ãîñïîäèí Ñîñêîâ.  íàñòîÿùåå âðåìÿ, ïî îöåíêå Íàöèîíàëüíîé ëèãè óïðàâëÿþùèõ, Ñ×À ïàåâûõ èíâåñòèöèîííûõ ôîíäîâ, ðàñêðûâàþùèõ îò÷åòíîñòü, ñîñòàâëÿåò îêîëî 500 ìëðä ðóá. Òàêèì îáðàçîì, äîõîäû ïàéùèêîâ ìîãóò óâåëè÷èòüñÿ íà 2,5 ìëðä ðóá. «Åñëè æå ìû ãîâîðèì îá ÍÏÔ, òî ÓÊ áåðóò äî 10% îò äîõîäîâ â êà÷åñòâå âîçíàãðàæäåíèÿ, ñ îòìåíîé ÍÄÑ äîõîäû ÍÏÔ ìîãóò óâåëè÷èòüñÿ ïðèìåðíî íà 1,8%», — äîáàâëÿåò ãîñïîäèí Ñîñêîâ.

Ïðè èíäèâèäóàëüíîì óïðàâëåíèè, îòìå÷àþò ýêñïåðòû, ñóììà àêòèâîâ â óïðàâëåíèè ìîæåò âîçðàñòè íà 18%, åñëè êëèåíò íàñòîèò íà ýòîì.  ñëó÷àå ïàåâûõ ôîíäîâ óïðàâëÿþùàÿ êîìïàíèÿ áóäåò îáÿçàíà èçìåíèòü ïðàâèëà ÏÈÔîâ â ÷àñòè âçèìàíèÿ âîçíàãðàæäåíèÿ. È óæå îò äîáðîñîâåñòíîñòè êîìïàíèè áóäåò çàâèñåòü, â êàêîé ïðîïîðöèè îíà ðàñïðåäåëèò ñðåäñòâà îò íåâûïëà÷åííîãî ÍÄÑ.

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