The Russian government is considering a number of tax cuts that could reduce the country’s overall tax burden by an estimated RUB500 billion (US$17 billion), it has been reported.
Following a meeting between Finance Minister Alexei Kudrin and business leaders on Tuesday, Reuters reported that cuts may be made to a number of key taxes between 2006 and 2008.
One of the options reportedly under examination by the Finance Ministry is a reduction in value added tax from the current rate of 18%. Under the possible change, VAT could be either cut to between 13% and 15%, or reduced to a flat rate of 16%, with preferential rates of 10% to 12%.
Ministry officials are also said to be considering a cut in profits tax to 20% from 24%.
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