Russia studies 22% VAT
- Mar 25, 2017 | Richard Asquith
Russia is considering raising VAT from 18% to 22%.
The rise in indirect tax would help fund a cut in employer social security levies from 30% to 22% to help reduce black economy employment. The change would be implemented in 2019. However, it appears that the VAT rise would fail to cover the hole left in the deficit by the employer tax cut. Furthermore, inflation is already running at 4.6% which would be exasperated by a VAT rise.
The average EU VAT rate is almost 22%.
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