Russia VAT rise to 22% January 2019
The Russian Finance department has confirmed that it intends to raise VAT from 18% to 22% on 1 January 2019. The rise will help fund an cut to the employees tax rate to 22% from 30%.
The Russian government deficit has widened over the past few years with the decline of oil revenue taxes associated with the sharp drop in crude oil prices. Although recent economic figures have been more promising with increases in private consumption and manufacturing.
Russian government approves new VAT rise