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Russia, China against banking sector tax

Other News Materials 27 June 2010 01:29
Russia and China are against plans put forward by many Western countries on the introduction tax on the banking sector, Russian Finance Minister Kudrin said ahead of the G20 summit in Toronto on Saturday, RİA Novosti reported.
Russia, China against banking sector tax

Russia and China are against plans put forward by many Western countries on the introduction tax on the banking sector, Russian Finance Minister Kudrin said ahead of the G20 summit in Toronto on Saturday, RİA Novosti reported.

"On the subject of taxes on the banking sector and on transactions we hold a common position: we don't support the introduction of these measures in our countries," Aleksey Kudrin told journalists.

"We believe that they [measures] would increase the expenses of our banks, which would effectively be passed on to borrowers. Lending rates would increase, which could delay the issuance of new loans," he added.

Kudrun said he met with the Chinese finance minister on Saturday morning and discussed key issues on the agenda of the G20 summit.

"We also discussed several issues related to our bilateral relations," he said.

He said Russia and China have been discussing the issue of financial regulation for several years.

"We meet once a year to...compare policies in the public sector, tax, debt and the development of financial markets. We agreed to hold discussions in Moscow at the end of March next year," Kudrin said.

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