Contents tagged with Ministry of Economic Development

  • Russia approves VAT increase to 20%

    At a plenary meeting on Saturday, July 28, Russia’s Federation Council approved a bill providing for an increase in the value-added tax (VAT) from 18% to 20%, in addition to new social security tax rates.

    The government of Dmitry Medvedev has claimed that the increase in the VAT will add 620 billion rubles to the federal budget each year.

    At the same time, certain VAT benefits will remain. There is discussion of lowering the VAT rates to 10% for social goods: food items (with the exception …