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Major VAT cut impossible in Russia, official says

February 21, 2008 | RBC

Reducing VAT to 10 percent is not feasible, Russia's Deputy Finance Minister Sergei Shatalov told journalists today, commenting on the suggestion that had been put forward earlier by a number of entrepreneurs. Shatalov pointed out that it was necessary to calculate carefully all the consequences of any decrease in VAT for the federal budget. For instance, a decrease to 12 percent in 2011 is likely to result in a RUB 1 trillion (approx. USD 40.78bn) drop in federal budget revenue, the official noted. Meanwhile, Russia is not expected to cut VAT until 2010, as the budget for 2009 has already been approved.

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