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“Removed the taboo”: the Economist did not rule out further increase in the personal income tax in Russia

"Removed the taboo": the Economist did not rule out further increase in the personal income tax in Russia

Former Minister of Economics of Russia Andrey Nechaev has commented on the proposal of President Vladimir Putin’s rejection of the flat rate tax on income of natural persons in the form of higher rates for Russians earning more than 5 million rubles per year.

According to experts, this increase is only “symbolic” and will be able to give “only 60 billion rubles of additional budget revenues”.

Nechaev believes that the increase in the tax on income of wealthy citizens from 13 to 15% is a kind of touchstone. “This proposal is interesting in that it removes the long-standing taboo for a waiver of the flat rate and could be the first step in the further growth of personal income tax”, — the economist wrote in his blog.

the Ex-Minister was opposed to a not too significant increase in personal income tax for the rich the tax exemption of the poor. “From my point of view, socially equitable measure would be the introduction of non-taxable minimum incomes (for example, within the subsistence level or even higher). The poor from the tax exemption would give a noticeable increase in their standard of living”, — he described his initiative, adding that Russian authorities ‘ “fight against poverty, in spite of the Declaration from high tribunes”, so not a priority.

Putin wants personal income tax rate for the rich has increased from 1 January. The money raised, the President proposed to guide the treatment of children with severe and rare diseases.

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