At a briefing here in Moscow on Thursday, the Chief of the Russian Profits Tax department, Karen Oganyan announced that the Ministry expected a decrease in revenue collection of around 100 billion roubles ($3.3 billion) in 2002 as a result of changes to the profits tax laws.
When the 25th article of the tax code comes into force in January 2002, profits tax will be reduced from 35% to 24%, a decrease which it is estimated will reduce the tax burden on Russian businesses and investors by around 2% of GDP.
Speaking at a symposium on 'The Investment Potential of the South of Russia' last week, the Deputy Finance Minister, Alexei Petrov explained, however, that the reduction in the country's tax burden would not just come as a result of the profits tax decrease, but would also be affected by the introduction of the standard international procedure for calculating the taxable base.
According to Mr Petrov, the new tax code chapter, when introduced, will lift all restrictions on the deduction of business expenses from the taxable base if they are related to the derivation of profits.
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