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Russia Set to Increase VAT Rate to 22 Percent
(MENAFN) A fresh decree from Russian President Vladimir Putin mandates the nation's value-added tax (VAT) rate will climb from 20% to 22% effective with the New Year.
The decree, made public in the country's official legal information portal Friday, confirms the increase takes effect Jan. 1, while maintaining a 10% rate for certain socially essential goods.
Data from Russia's Finance Ministry shows the nation's budget shortfall reached 4.2 trillion rubles (approximately $52 billion) during the year's first ten months, driven by escalated expenditures.
Government outlays in Russia have surged dramatically in recent years, predominantly fueled by defense spending.
Sanctions imposed on the Russian energy sector have simultaneously stripped the country of access to the European oil and natural gas marketplace.
The decree, made public in the country's official legal information portal Friday, confirms the increase takes effect Jan. 1, while maintaining a 10% rate for certain socially essential goods.
Data from Russia's Finance Ministry shows the nation's budget shortfall reached 4.2 trillion rubles (approximately $52 billion) during the year's first ten months, driven by escalated expenditures.
Government outlays in Russia have surged dramatically in recent years, predominantly fueled by defense spending.
Sanctions imposed on the Russian energy sector have simultaneously stripped the country of access to the European oil and natural gas marketplace.
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