March 11 2005, 15:17

VAT rate in Russia will stay at 18% for 3 years

During the following at least 3 years VAT rate in Russia will remain at the level of 18 percent, as Minister of Finance of Russian Federation, Alexey Kudrin, told after the meeting of Budget Committee on March 11.

Earlier Prime Minister Mikhail Fradkov suggested cutting VAT rate to 13 percent. But Ministry of Economic Development and Ministry of Finance rejected the proposition.

A.Kudrin also informed that incentive VAT rate will remain at 10 percent.