Speaking in St Petersburg on Tuesday, Russia's Deputy Minister for Economic Development, Arkady Dvorkovich unveiled plans to lower taxes by 6% of GDP over the next three years.
'Taxes in Russia are currently unacceptably high, so we are proposing to reduce them,' the Minister told delegates attending a conference dedicated to the development of Russia's financial market.
Proposed changes, according to Mr Dvorkovich, include a reduction in the VAT level to 15%, and in the social tax to 30%. The Ministry for Economic Development also believes that 'a simplified taxation system needs to be introduced for small business'.
The Deputy Minister went on to add that: 'There is no need to change taxation levels for the general public, although well-off citizens, who make up about 5% of the population, need to be taxed according to the market value of their property.'
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