ZCZC
BCN-18
RUSSIA-VATE-RATE
Russian upper house of parliament passes VAT hike to 20%
MOSCOW, July 29, 2018 (BSS/TASS) – Russia’s Federation Council (upper
house) approved the law on the VAT (value-added tax) rate increase from 18%
to 20% and adjusted rates of social payments, at a plenary session on
Saturday.
VAT reliefs, such as reduced tax rates for food, children’s goods, medical
goods, as well as zero rates for domestic interregional air transport, will
be retained.
The bill also envisions the reduction of the aggregate tariff of
insurance premiums to state off-budget funds from 34 to 30%, and sets the
tariff of insurance contributions to the Pension Fund at the rate of 22%.
BSS/TASS/HR/1340