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Government policy takes an unexpected turn
15
Feb '08
It was only recently, that Vladimir Putin, Russian President, proposed tax cuts as part of a reform being drafted by the Government.

Procuring a fiscal surplus of 5.5 percent in gross domestic product of 2007, the Government has already passed a three year budget for 2008-2011. A part of the policy would include slashing of VAT from 18 to 10 percent.

Experts are of the opinion that, this move is likely to increase the already existing inflation in the country. The decision was taken unanimously by Aleksey Kudrin, Finance Minister and representatives of Russian business enterprises.

However, sources from the industry have warned saying that a cut in VAT would not bring any change in the budget resulting in low collection of taxes and increased inflation.

Counteracting to the recommendation, the Government has expressed hope that tax relief would generate extra funds to create an innovative economy.

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