Russian State Duma approves draft law on VAT hike

Russian State Duma approves draft law on VAT hike
  • Clock-gray 13:59
  • calendar-gray 24 July 2018

The State Duma of Russia has passed in the third reading a draft law on increasing the valued-added tax (VAT) from 18 to 20 percent, APA’s correspondent reported from Moscow.

 

The United Russia party supported the draft law, while the Communist, the Liberal and “A Just Russia” parties voted against it.

 

According to the Russian Finance Ministry, the tax hike will allow the federal budget to receive additional 633.5 bln rubles a year beginning in 2019, 678 bln rubles and 728 bln rubles in 2020 and 2021.  

 

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