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Finance Minister wants state-run companies to transfer 25 percent of profit to treasury

July 04, 2013, 23:44 UTC+3
He noted that the government is planning to invest these dividends in new projects
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Photo ITAR-TASS

Photo ITAR-TASS

MOSCOW, July 4 (Itar-Tass) - Companies with state participation should transfer at least 25 percent of their profits to the state treasury as dividends, Finance Minister Anton Siluanov said in an interview with Russia-24 TV channel on Thursday, July 4.

“As a shareholder of such companies, Russia has the right to claim its part of the income. We are confident that all companies where Russia holds stakes should transfer 25 percent of their profits to the state without any benefits or preferences,” the minister said.

He noted that the government is planning to invest these dividends in new projects. “We will spend this money for new investment and as a contribution to the capital of new companies to be created for new projects,” Siluanov said.

The Finance Ministry insists that state-owned companies should pay their dividends based on the profit calculated by the International Finance Accounting Standards (IFRS) taking into account the profits of all subsidiaries not only the parent company.

Siluanov believes that this may increase privatisation revenues considerably.

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