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Reform of social taxation and pensions –
New Stage? New hopes?
Karina Khudenko
23 October 2009, AmCham Annual Tax Conference
1. Reform of Unified Social Tax – why and what is new?
2. What social tax reform means for businesses
3. Pension system and developments
4. Implementation of the new legislation – what is next?
1.1. Reform of Unified Social Tax
• Abolition of UST effective 2010
• Insurance contributions scheme is introduced in new
Federal Laws в„– 212-FZ and в„– 213-FZ.
Contributions are now to be made to:
1. Pension fund
2. Medical Insurance funds
3. Social Insurance fund
October 2009
Slide 3
1.2. 2010 reform objectives and means of achievement
• Objectives
- To balance the fund budgets, Pension fund in
- To scale up retirement and social security benefits
• Means of achievement
- Switch to insurance approach in application of
social funds’ budget
October 2009
Slide 4
1.3. Main provisions of the new social legislation
The total insurance contributions rate is 26 per cent in 2010, and 34 per
cent from 2011
The threshold for the insurance contribution base is fixed (at 415,000
rubles in 2010)
Annual indexing by the government to the treshold for the insurance
contribution base is planned to be introduced in accordance with average
salary increases (potentially 487,630 in 2011, and 568,580 in 2012)
The “taxable” base for all contributions is the same and, in principle, the
base for insurance contributions and UST are similar
Sanctions are essentially the same as in the Tax Code
Volume of paperwork does not fundamentally differ from that of UST
October 2009
Slide 5
1.4. Increase of various social benefits
Under the new law in 2010, the following social benefits will
Allowance for temporary disability – 1.8-fold
Prenatal and maternity allowance – 1.3-fold
Child home care allowance – more than twice
October 2009
Slide 6
1.5. What is different from UST?
Control over assessment and payment of obligatory pension and medical
insurance contributions will be imposed on the Pension Fund of Russia,
and of social insurance contributions – on the Social Insurance Fund.
These organizations will be vested with the powers of tax authorities.
Payments not reducing the profit tax base for legal entities, and individual
income tax base for individual taxpayers are subject to obligatory insurance
Payments or other allowances delivered under employment or civil law
contracts with foreign nationals temporarily staying in the RF are exempt
from insurance contributions.
Payments or other allowances made by Russian organizations to foreign
citizens working or doing business abroad are exempt from insurance
Regional PFR and SIF authorities shall perform joint field checks.
Ministry of Health and Social Development shall approve the reporting
forms, issue regulations and provide necessary explanations to the new
October 2009
Slide 7
2.1. Consequences of the new legislation
• Incremental salary related costs for the majority of
organizations from 2010.
• The cost for those organizations where the employees earn
less than 280,000 rubles per year will not change in 2010.
• The cost for organizations employing many foreign and highlypaid Russian employees may slightly decrease in 2010.
• In 2011 the social contributions cost for all organizations will
October 2009
Slide 8
2.2. Consequences of the new legislation - illustration
tax payment (thsnd. Rub.)
What annual income level is advantageous under the new insurance contributory system?
3 650
2 415
800 1 000 1 200 1 400 1 600 1 800 2 000 2 200 2 400 2 600 2 800 3 000 3 200 3 400 3 600 3 800 4 000
salary (thsnd. Rub.)
Social contributions, 2010
Social contributions, 2011 (I)
Social contributions, 2011 (II)
October 2009
Slide 9
2.3. Drawbacks of the new legislation
• Inconsistency with previous legislative developments – step back?
• Poor timing for the reform in crisis environment
• The costs of payroll funds will rise, small businesses using special
regime of taxation may suffer the most
• The administrative burden on businesses will get tougher
• The social funds do not have proper authorization and rights
• Payments are not contributory in fact
• Possible legal and technical errors in the legislation
• Problem of allocation of personnel between the Federal Tax Service
and social funds, risk of different interpretation of the legislation by
various Ministries and Government bodies
October 2009
Slide 10
3.1. Situation with state pensions – current status
Since the beginning of 2009, employees may transfer voluntary
contributions to the State Pension fund which will be matched by the state
(up to 12,000 Rbls p.a. for under-retirement age people), employers may
also make voluntary contributions – this initiative was supported by a
number of tax exemptions for employers and employees (Federal Law #56
FZ of 30 April 2008)
State pensions (labour and social) were increased in 2009 but their level
remains very low (average labour pension 5,641 Rbls p.m. and social
pension is 4,294 p.m.), a certain increase is expected in 2010
The demographic situation is becoming worse and the forecast is not
Impact of the crisis on incoming contributions to the state pension fund (as
well as cumulative pension savings) has been quite negative
October 2009
Slide 11
3.2. Developments in the legislation for 2010
New ratios are set forth for insurance and cumulative parts of
state pension:
in 2010:
- for people born in 1966 or earlier = 20%
- for people born in 1967 or later = 14% / 6%
in 2011:
- for people born in 1966 or earlier = 26%
- for people born in 1967 or later = 20% / 6%
October 2009
Slide 12
3.3. Pensions and social security system – what has not
been done (again)
Retirement age remains the same – this has been debated for a long time
No developments in introducing legislation with regard to “professional
pensions” and additional contributions for employers hiring a workforce
eligible for early retirement
Employees will not make any compulsory social/pension contributions
(only voluntary payments)
It is still unclear whether the state policy is aimed to support corporate
(private) pension provisions or not
No developments in the area of Social Security Agreements with other
countries, unclear situation with foreigners temporarily working in Russia
and their social security rights under the new system.
October 2009
Slide 13
4.1. Consequences of the new legislation
Potential growth of administrative and financial pressure on businesses
instead of expected and much needed reduction of burden
For employees some of the social benefits will increase (the maximum
allowance for temporary disability, state pension, prenatal and maternity
allowance and monthly child home care allowance) – is there a risk of
creation of “welfare mentality”?
Current deficit of the Pension fund and unsustainable situation of the state
pension system will unlikely be solved and, with promises to substantially
increase pension payments, the situation may become even worse
Legislator did not have the intention of making foreign personnel costs less
expensive than Russian through exemption from social contributions –
watch out for future developments
October 2009
Slide 14
Karina Khudenko
Tax and Legal Services
Human Resource Services
+7 495 232 5418
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