The burden of taxation as a percentage of Russia’s economy has fallen to 30% of gross domestic product, Deputy Finance Minister Sergei Shatalov announced on Thursday.
Addressing the seventh session of the Russian-Japanese Committees on Economic Cooperation in Moscow yesterday, Shatalov revealed that the tax burden has fallen by around 5% to 6% of GDP in the last four years.
He added that if the energy component of the economy is excluded, the tax burden stands at 29% of GDP.
Last year, the Duma approved a package of tax reforms including a cut in VAT and abolition of the regional 5% sales tax.
Changes are also afoot that will reduce the burden of payroll taxes on businesses by around $10 billion, through a reduction in the unified social tax. There is additionally a possibility that the VAT rate may be reduced further in 2006.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment