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Business / Finance

The shadow economy leaves banks themes of the day 04.03.2019 at 21:06

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The shadow is 20% of the Russian economy. This is worse than in developed countries, but better than lagging. The role of banks in servicing the informal sector declined significantly.

the Volume of the shadow economy in Russia by the end of 2018, totaled 20.7 trillion rubles. The shadow economy Rosfinmonitoring include grey imports, gray payment of wages, withholding of income taxes and customs duties, hidden taxes from production. Such data are cited by RBC with reference to the report of Rosfinmonitoringa.

is Not a windfall, and survival

"to Determine the reality of the digital data of financial intelligence about the size of the shadow economy is difficult because the area is very enclosed and the method of calculation, the structure of the indicators. But 20 trillion rubles — a very high figure, almost 20% of GDP, a fifth of. Rosstat, according to their calculations, the estimated "shadow" in the 16% of GDP in 2017. This is relatively good compared to, for example, Zimbabwe, where the shadow economy is 60.6%, or Bolivia, where 62.3 per cent. But in developed countries the share of informal economy is significantly less than in Russia. For example, in Austria it is 8.9%, in Switzerland — a 7.2%", — cites the head of group of analysts, analysts and financial technologies (CAPT) mark in real.

Experts say that most illegal schemes are used in the construction, repair, transport services, transportation, small industries, trade, and consumer sectors. And of course, among the self-employed.

there is also a small business that is forced underground to stay afloat. "It's not about getting a windfall, but the banal survival. It continues to receive wages in envelopes and illegal schemes of tax optimization (often frankly primitive), and various instruments for financial incentives when participating in tenders. State control of small companies and individual entrepreneurs harder than large and medium-sized businesses, which mean. Tax rates and compulsory deductions to the budget for employees is high and many entrepreneurs cannot afford to pay them completely," — says managing partner of "VM-law and consulting" Vladimir Chuvashov.

as for falling out of sight incomes, but now, according to various estimates, the number of people receiving income without registration of labour relations with the employer can be from 20 million to 25 million, says the Director of the expert group Veta Dmitry Zharskiy. "Assuming that 25 percent of the population receives in envelopes, you can talk about a significant contribution to the formation of the shadow economy not only self-employed but also employers. Gray imports and exports also contribute to the development of the informal sector, especially if we are talking about the fictitious transactions which, according to the Bank, allowed to withdraw from the economy 63 billion rubles last year," zarsky said.

Quote Shadow economy requires cash

For maintenance of the schemes used by illegal financial instruments, in particular the illegal cashing. To do this can any of the companies that have available cash.

the Regulator said that banks have practically ceased to participate in such schemes. "The Commission in the banking sector for illegal cashing of funds is in the range of 15-17%. Banks have stopped doing this so actively engaged already two years ago. There are, of course, some offensive structure that we see and with whom we conduct relevant work. But to say that the banking sector provides "services" to cash out for dodgy clients — it is not. It is unprofitable and bad for the banks. Naturally, the shadow economy requires cash the majority, and it began to use such things as, say, the revenue collected from markets where the cash "walks", — told the Deputy Chairman of the Bank of Russia Dmitry Skobelkin. "The biggest problem cashing is unorganized markets. Here you need to take action... I mean different markets — "green thumb" and others", — stated the Deputy Chairman of the Central Bank.

"is Now cashing in as a side business to engage in any organization whose operations involve movement of large financial flows, whether it's construction, services, wholesale trade, import and export of goods, lists Dmitry Zharskiy. — Some specialized financial institutions deriving income solely from the activities of encashment and withdrawal of funds at the moment simply does not exist. Times, when it was created entire banks, are gone. Now for cashing and withdrawal accounts are used including the largest participants in the banking sector using both simple enough, and clever schemes".

the Expert notes that in most cases, cashing and withdrawal shall be effected by the conclusion of fictitious export and import contracts when the flow of funds between the parties occurs, but in fact no supply of goods is not carried out. In a similar way again concluded fictitious contracts on delivery of goods and services. Especially popular in recent years schemes of these issued by the courts, writs about collecting of debts never existed in reality, debt.

"as the tightening of Central Bank control of doubtful operations, and as new measures such as the formation of blacklists, the market is gradually moving away from the use of Bank accounts towards less regulated areas," says zarsky.

"anti-offshore legislation and the exchange of traffic information on foreign Bank accounts between tax authorities of different countries joined Russia, also made it difficult to shelter income and assets. These and other measures have a positive effect. But the dynamics is extremely low, because not eliminated the main causes for the existence of the informal sector — an inefficient tax system, lower economic growth and profitability of the enterprises, reduction in real incomes, the lack of guarantees of legal protection," sums up mark real.