To Innovation - Breaking Politics, Economics, Crypto & IT News

learn more
Reporting from Watford, UK and LA, US since 1996
learn more




TOP STORIES
Starbucks is not accepting Bitcoin, but builds an exchange

It will generally allow the crushed and boiled crypto investments to be converted to the crushed an...



Russian Government thinks that it is high time to increase taxes



Personal income tax and VAT will be increased in order to avoid bankruptcy of some regions.



17.Jul.14 8:59 AM
By Mikhail Prygunov
Photo justmedia.ru

   292

Russian Government thinks that it is high time to increase taxes
The Head of the Ministry of Finance Anton Siluanov is sure that it is high time to increase taxes. The main reason for such drastic measures is the fact that for the recent few years pensions have also be increased together with governmental social costs and costs on military defense. That is why economic situation in the country calls for such measures.

At the same time there is another reason for tax increase. When the budget project for 2015-2017 has been accepted, the situation in Russia has been different from what we have now. Growth of economic development was also different. In other words budget receipts are not the same as government expected.

That is why government is planning to increase taxes which include personal income tax (it will be increased by 1-2%). Advanced taxation may also be implemented. Introduction of new rate of sales tax will make it possible for the government to bring additional 200 million rubles to the budget. VAT will also be changed in the nearest future. The main idea is to avoid tax evasion due to the fact that there is a number of products which are taxed by 10%. At the same time there is another group of products which is taxed by 18%. In some situations they can intersect with each other which are a good possibility for taxpayer to choose a lower interest rate of VAT.

The Head Minister is sure that such measures will also help to prevent bankruptcy of several regions.



Back to the list