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IMF Proposes VAT Rate Hike For Russia

by Ulrika Lomas, Tax-News.com, Brussels

14 July 2017


Russia should hike value-added tax (VAT) by four percent to 22 percent and lower social security contributions, the International Monetary Fund has proposed.

The Fund said the measures would reduce labor market informality and temporarily boost exports.

It noted that Russia has approved "ambitious" medium-term fiscal policy plans, which include higher excise and mineral extraction taxes, which will yield revenues worth up to one percent of GDP per year. After recording stronger than expected revenues, Russia revised its fiscal deficit target to 2.1 percent of GDP from 3.2 percent.

The Fund concluded in welcoming and recommending the continuation of efforts to tackle tax evasion, including by improving anti-money laundering controls and tackling corruption.

TAGS: Russia | tax | fiscal policy | extraction tax | social security

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