08.10.08

All non-real estate assets which are not considered as real estate, including cash and securities, are recognized as moveable assets according to Article 130, Point 2 of the Civil Code.

According to the Tax Code, the expenses of voluntary property insurance include insurance fees for properties which generate income for their owner (Article 263, Paragraph 7, Point 1).

Therefore, insurance fees paid by a credit organization for an insurance policy covering cash assets can be considered deductible expenses.

This is according to Ministry of Finance Letter from September 1, 2008 #03-08-06/2/113.

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