The tax burden on the Russian economy will continue to be reduced by the equivalent of around 1% of gross domestic product annually for the next three years, Deputy Finance Minister Sergei Shatalov revealed on Tuesday.
"The government has been reducing the tax burden by about 1% of GDP annually in the past few years (excluding the influence of oil price fluctuations) and will continue to reduce it at about the same rate in 2006-2008," Shatalov was quoted as announcing by RIA Novosti.
Shatalov added that the programme of tax reforms was now entering its concluding phase, with the government having completed measures to simplify the tax system and cut taxation for individuals and businesses.
Since 2002, the government has reduced and abolished turnover taxes, eliminated sales tax, cut value added tax to 18% from 20% and reduced payroll taxes.
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