New calculation of tax burden: details of the innovation
The Bank of Russia proposed a new calculation of the tax burden. For this purpose, financial institutions will open access to Federal Tax Service data. Banks will be able to receive information about payments and individuals.
The new calculation of the tax burden will consist of several stages. The item on the types of assets, for which an increment to the risk coefficients will be issued, will have to be amended. According to the variant proposed by the Central Bank, in order to calculate the debt burden for the client, it is necessary to take into account the average amount of monthly income, which is confirmed by the relevant documentation – data on the payment of insurance premiums. It is this information that can be obtained from the Federal Tax Service.
The novelty will help banks to perform calculations qualitatively and quickly and to compare financial possibilities of the client with their credit obligations.
Many experts are confident that the availability of the FTS base will increase the accuracy of calculations, and the loan can be issued much faster. Procedure of gathering of the documentation for the purpose of registration of the loan also will accelerate. The client does not need to spend a lot of time on collecting salary certificates from the place of work. In addition, obtaining the necessary information from the service of the Federal Tax Service makes it possible to identify inaccurate information that the client has provided about his income.
The project includes recommendations on how to use the database. In this case, the approach to work with information on credit history is changed, which is provided by the Federal Tax Service. In a case if the data which are received from tax service, do not give the necessary information on the size of the credit payments paid monthly, there is a possibility to use the additional information. However, taking into account that it should be confirmed. For this purpose the bank should recognize the data as actual.
The bankers are optimistic, they are sure that the new possibility to calculate the tax burden will significantly speed up the procedure.
Specialists note that the positive results of the innovation depend largely on the Federal Tax Service and its readiness to provide data. So far, such interaction has been tested in 6 large banks and no serious difficulties have arisen. However, in some cases the tax service may refuse to disclose its registers and then financial institutions will need to look for different ways of solving the problem.
Human rights defenders do not see any infringement of clients’ privacy in the access to the FTS database. On the contrary, such a tool would make it possible to make a realistic analysis of the income of the country’s population. The new rule of calculation will help people to treat the tax history seriously, understanding that in case of registration of the loan, the bank will receive all information on its previous credits and timely repayment of payments. To reduce the possibility of using data against citizens, it is necessary to clearly regulate the procedure for obtaining information and their type.