VAT will be raised to 20 percent since January 1

Elmira Sabirova

UFA, 6 August 2018. /Bashinform News Agency, Elmira Sabirova/ translated by Tatiana Aksyutina/. Russian President Vladimir Putin signed a law on increasing the value-added tax (VAT) from 18% to 20%. It will come into force on January 1, 2019. The text of the document is published on the official website of legal information. In particular, it is stated in it that the VAT for basic services and socially significant goods will remain at the level of 10%. The preferential tax rate will be preserved for food products (except for delicacies), children's goods, medicines, medical products, as well as for literature related to education, science, and culture. Domestic air transportation will not be taxed either.

The increase in the VAT will bring an additional 600 billion rubles annually to the budget.

The money raised from the VAT increase will be directed for the implementation of the May decree of Putin on poverty reduction and increase in life expectancy. At least 8 trillion rubles are needed for its execution.

#vladimir putin #vat #increase

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