State Duma of Russia in the second and third readings adopted an amendment to the Tax Code, which repeals the taxation of "material benefit, related to transactions with credit cards." The amendment introduces a so-called grace period - the month during which the card holder does not pay interest on the cost overruns.
Reports Lenta.Ru, still-free loans to Russia were banned. To offer at least equivalent grace period, Russian banks had to use various loopholes in the laws or processes. Meanwhile, Western banks offer cards with a free grace period, which is usually about a month.
According to the Tax Code, the rate on loans in foreign currency shall be not less than 9 percent in rubles - at least 3/4 of the refinancing rate (currently it is 13 per cent). If the Bank rate on loans below that level, the borrower must pay tax of 35 per cent of the difference between the rate on the loan, and bar, set the Tax Code.
New amendment fundamentally changes the rules of the game in the Russian credit card market. In connection with its adoption experts predict a sharp increase in the market. According to bankers, attractive kreditok for the population increase significantly.
Source:
Vsluh.ru 
