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Russia Planning Tax Hikes Next Year: Medvedev

by Tatiana Smolenska, Tax- News.com, Moscow

07 August 2014


Russia's Prime Minister, Dmitry Medvedev, has said that next year's budget may have to include tax increases, describing such as a last resort in the face of sanctions against Russian companies and the country itself.

Speaking at a Government meeting to plan for the next three years, the Prime Minister explained that the budget for 2015 needs to be "realistic." He added that conditions for external borrowing were poor, and that foreign investment was currently doubtful.

However, he vowed that programs of national importance would continue and that high-tech industries would be supported to substitute for subdued export activity.

TAGS: Russia | tax | budget | tax rates

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