Next 6 years will see no tax increase, Finance Ministry vows

Next 6 years will see no tax increase, Finance Ministry vows
Anton Siluanov gave a speech about taxes

There will still be a certain "adjustment" in the system, the Minister of Finance added.

Russian taxes will not be growing within the next six years, Finance Minister and First Deputy Prime Minister Anton Siluanov promised while speaking to the St. Petersburg International Economic Forum.

The country will strive to attract investments and create favorable conditions for this, he said.

"First of all, it’s about taxes. We are not going to change the taxes within the next six years. They ask: "What changes are going to be introduced then?" A certain adjustment will be necessary, for sure," the Deputy Prime Minister added.

So, taxes that negatively affect businesses could be reduced, while some other taxes could be increased, such as personal income tax - from 13% to 15%; the premium rate may fall from 30% to 22%, while VAT could go from 18% to 22%.

Earlier, Russian President Vladimir Putin signed the so-called "May Decree" on the nation’s top priorities for the next six years. It addresses, among other things, the need to develop steps that would promote economic growth to a rate higher than the world average.

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