Cancellation of VAT exemption for payment industry participants. Will we burn a hundred-ruble note again to find a nickel?

The recent bill on the abolition of VAT exemption for bank card servicing transactions and acquiring and processing services submitted by the Russian government to the State Duma, resonated broadly among the banking and fintech communities. The budgetary impact of this initiative is estimated at 150-200 billion rubles in additional tax revenue. But will everything be so arithmetically clear in practice?

The recent bill on the abolition of VAT exemption for bank card servicing transactions and acquiring and processing services submitted by the Russian government to the State Duma, resonated broadly among the banking and fintech communities. The budgetary impact of this initiative is estimated at 150-200 billion rubles in additional tax revenue. But will everything be so arithmetically clear in practice?