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VTB provides VAT recovery guarantees

 
9 June 2010

Under the Russian government program aimed at supporting the real sector of the economy, VTB has been implementing new banking products and services to support domestic manufacturers.

In 2010 the Bank was among the first to provide guarantees in favor of tax authorities under Article 176.1 “Application-Based VAT Recovery Procedure” of the RF Tax Code “. This instrument is designed to stimulate Russian export as it prevents from withdrawing Russian companies’ funds, members of foreign economic activity, from the turnover. Customers of VTB branch network can also enjoy this opportunity. The first banks to provide tax refund guarantees were VTB branches in Voronezh, Yekaterinburg, Kazan, Kemerovo, Nizhny Novgorod and Perm.

VTB also took part in developing new standard forms of banking guarantees accepted by state contractors as collateral for customers’ performance of their obligations under state contracts signed within the RF Federal Law “On Placing Orders for Deliveries of Goods, Execution of Work, Rendering Services for State and Municipal Needs” dated 21.07.2005 N 94-FZ financed by the Moscow budget.

For reference:

The RF Federal Law “On Amending Part I and Part II of the Tax Code of the Russian Federation in Connection with the Application-Based VAT Recovery Procedure Introduction” dated 17.12.2009 N 318-FZ became effective in 2010.

VTB Bank has been included in the list of banks complying with the requirements of Article 176.1 of the RF Tax Code “Application-Based VAT Recovery Procedure” of the Ministry of Finance of the Russian Federation.

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