(Adnkronos) – The Russian Ministry of Finance has anticipated a VAT increase to 22 percent starting from the beginning of next year, specifying that the extra revenue will be invested mainly in the defense and security sectors. The reduced VAT at 10 percent will remain in force for medicines, food, baby products and other socially relevant products. An increase in the revenue expected in the budget forecast for the next three years to cover the deficit will come from the privatization of large state-owned companies. The last VAT increase, from 18 to 20 percent, dates back to January 2019.
Russia, incoming VAT increase to 22% with extra revenues for defense and security and privatizations
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