OREANDA-NEWS. May 18, 2010. The Finance Ministry’s Department of Financial Policy has compiled a list of banks able to provide bank guarantees for tax purposes

Uniastrum has been included in a list of banks entitled to issue guarantees to repay, if required by tax authorities, the State excess VAT refunds made to bank customers. In order to make the list, the banks had to meet rigorous selection criteria, including a minimum 5-year record of bank market operations, charter capital of at least Rb 500 mn, equity upwards of Rb 1 bn, as well as compliance with the mandatory requirements of the Federal Law “On the Central Bank of the Russian Federation” on all reporting dates in the past six months.

All companies are required to have a bank tax payment guarantee in the event that they are called upon to repay tax. This guarantee details the bank’s obligation to repay, at the request of tax authorities, any excess funds issued to the client by way of a tax rebate in the event that a decision to refund a company this or that amount is completely or partially reversed.

“Clients with export-oriented businesses stand to benefit the most from these VAT refund procedures,” notes Igor Apostolov, Director of Uniastrum’s Department for Cooperation with Government Agencies. “Our bank’s inclusion in the Finance Ministry’s list is a testimony to the high level of trust the government places in us, enables Uniastrum to extend its product mix and to offer our clientele another quality service.”