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According to TASS, as from 1 January 2019, value added tax in Russia will increase from 18% to 20%. The Russian authorities explain this increase by the fact that the country's budget loses revenue due to the fall in oil prices since 2014. Also in Russia, the tariff of insurance premiums to public non-budgetary funds will increase from 34 % to 30%.
The president of the Russian Chamber of Accounts, Alexei Kudrin, explains: at the beginning of 2014, oil prices were between 110 and 100 dollars a barrel
– The share of the oil economy in our total economy is down, we are now growing faster than other, non-oil sources, – he said. – To save on infrastructure spending, education, health, you need to find extra income. The Russian authorities promise that the funds from the VAT increase will go to health and the social sphere.
According to the calculations of the Russian side, the increase in VAT will bring to the federal budget an additional 620 billion rubles a year. A new amount of VAT will be invoiced from 1 January 2019. In parallel with the increase of the value-added tax, the adopted law provides for the reduction from 1 January 2019 of the overall premium rate. insurance for off-budget funds of 34% and the establishment of a tariff for insurance contributions. (19659002) By way of comparison, in Belarus, the amount of VAT is 20%, the deductions to the Social Protection Fund are 35% (34% are paid by the employer and 1% by the employee)
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