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Russian Ministry Proposes Lower Profit Taxes


The Russian Ministry of Economic Development has suggested, in the mid-term, to reduce profit taxes and to increase consumption, real estate, and property taxes. Elvira Nabiullina, the Minister of Economic Development, presented this idea during “Government Hour” in the State Duma according to Interfax.

"As a whole, if we are talking about adjusting the tax system to reach our goals of development and stimulus in the mid-term and long-term, we need to reduce profit taxes to a greater degree and to increase to a greater degree taxes on spending, on consumption, real estate, and property," stated Ms. Nabiulina, in answer to a question about adjustment social taxes and the tax system as a whole.

At the same time, Ms. Nabiullina pointed out that it is too early to draw conclusions about how tax increases have affected business, as statistics are not yet available. "But we see it is as a risk zone," said the minister. The Ministry’s position is entirely consistent with those of President Medvedev.

For example, at the Modernization Forum which took place in Moscow in the fall of last year, presidential aide Arkady Dvorkovich announced that decreasing the tax burden in Russia will be possible only in 3-5 years. Until then only a redistribution of tax burden is possible. 

In Dvorkovich’s opinion, the potential for redistribution is very real and can be estimated “from 0.5 to 1 trillion rubles,” “but specific solutions need to be discussed together with business.”

For example, increasing tobacco, alcohol and real estate tax rates will lead to an increase of tax revenues, and thus other taxes may be reduced.

“As for oil and gas, I think there also exists potential for a tax increase, although solutions must be more delicate, coordinated with plans for the development of the corresponding economic sectors,” Interfax quoted President’s aide.

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