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Tax will not be raised in Russia until 2018

0 1 February 2013

putin-depardieuRussia’s First Deputy Prime Minister Igor Shuvalov confirmed the statement that the Russian government will not raise taxes until 2018, and, in fact, they might be lowered in some spheres.

This is a direct contrast to what European governments have done as a consequence of the financial crisis. For instance, in France top earners might be subject to paying 75% on income tax, the reason why actor Gerard Depardieu has become a Russian citizen.

The proposal not to increase tax in Russia has come from the group of experts that put together the report “Strategy 2020” which President Vladimir Putin decided to support.

shuvalovShuvalov did state that, if unfavorable economic conditions present themselves, the situation might change but also added that, in the rules of the market game, Russia will only make changes for the better.

With regards to the IT industry that the government is actively trying to foster, Prime Minister Medvedev has ordered for ministers to analyze the question of lowering the threshold number of staff in IT companies from governmental extrabudgetary funds that have the right to claim reduced insurance rates.

This is because experts advised that uneven benefits for IT companies in the payment of insurance premiums are one of the main reasons why this sphere is insufficiently developed.

nikolay nikifirovAs the Head of the Ministry of Communications in Russia Nikolay Nikiforov said, the average growth in the domestic IT industry is three times higher than Russia’s GDP growth rate. Nevertheless, the industry is made up only by a 100 venture capital transactions a year, whilst this number should be around 10.000 for it to be considered a positive result.


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