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Russia - VAT may reduce from 18% to 12-13% in second half of 2008

The value added tax (VAT) may reduce from 18% to 12-13%, but that won’t happen until the second half of this year, First Deputy Prime Minister Sergei Ivanov told Business Russia members on Tuesday.



 

“The possible consequences of the VAT reduction from 18% to 12-13% have not been analyzed in full,” he said.

“According to the preliminary analysis, the budget’s missed revenues will exceed one trillion rubles. The government won’t do that at breakneck pace. Such decisions cannot be made in a hurry,” he said.

Source : ITAR-TASS - Moscow, Russia,  dated 18/03/2008

 

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