With the gold, but no money

According to the gold miners, if their suggestions are accepted, it will not only support the very industry, but will prompt positive effect on the economy. For example, the abolition of VAT on the sale of gold, people will avoid flight into foreign currency. As noted in the letter of Gold, the industry did not have time to complete and bring to full capacity, initiated investment projects, and circumstances did not allow the industry to form the desired stock of financial stability. It would seem that gold mining companies have suffered from the crisis, least of all steelmakers and producers of nonferrous metals, says Bank of Moscow analyst Dmitry Skvortsov, as gold prices fluctuate at the same levels as last year, while demand for the metal increases. But the Union of Gold Producers say that specializes in placer gold companies are in a critical condition. "If we do not support the" rossypnikov ", part of the whole industry just collapse," said union chairman Valery Braiko. According to him, last year, "rossypniki" have extracted 54% of all Russian gold. "The bulk of production has fallen to small companies working in difficult conditions on the brink of profitability. Only in the Magadan region is 12 thousand workers who may lose their seats," - he says. To prevent the bankruptcy of the industry, which is especially painful blow to the population in the northern areas, the unions offered to the Government of the four main measures to support the industry. In particular, it is proposed to introduce differentiated tax on extraction of mineral resources: for the gold mined in the remote placer deposits, to establish a zero rate of mineral extraction, and for the ore deposits mined in - zero within three to five years of mining the deposit and the last three to five years of the life cycle enterprise, and the rest of the charge a 3% (ie half of the current rate). As explained RBC daily, CEO of Polymetal Vitaly Nesis, domestic laws do not allow to reimburse investments in exploration tax incentives, and compared with international practice, 6% severance tax rate is very high. "For small producers its removal is extremely important," - he says. Also, in the opinion of Gold, it is necessary to restore the practice of seasonal credit placer gold miners under the state guarantees. In addition, the state can help them if the objects will continue to fund the establishment of industrial infrastructure. According to the union of the ten largest deposits in the commercial development is located only four because of lack of infrastructure. But the best hope, apparently, the industry imposes on the idea became popular liberation of gold sales in bars individuals from VAT. According to the Union and other supporters of the idea, the acquisition of bullion could be for the Russians an alternative investment of savings in foreign currency, and thus avoids the hidden lending to other economies and the additional inflationary pressures. As recently predicted in the Savings Bank in 2009, sales of precious metals in anonymous form and gold bullion could rise three-fold, while sales of coins made of precious metals - 1,7 times due to the instability in financial and currency markets. Cancel VAT can be quickly and without significant loss to the budget - said Vitaly Nesis. - And this measure will not only help the industry, but also the entire economy. "