Add to favorite
 
123
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS
russian visa


Sochi 2014 International Investment Forum: Govt Strategy
September 22, 2014 12:03


Photo Credit: http://ria.ru
The government has laid out plans to survive a period of slackening growth in the economy and restrictions imposed by the West.
 
The blueprint was voiced by the Russian Prime Minister at the Sochi 2014 International Investment Forum that took place last week.
 
The government had three options to improve budget balance – cutting welfare programs, boosting public investment, and raising taxes. According to the Prime Minister, the government has decided not to take the shortcut and slash social programs spending, no matter how tempting the move seemed.
 
Instead, as he pointed out, “all of the Government’s social commitments will be fulfilled, through the combined effort of the federal and regional governments.” Nevertheless, the Prime Minister called on federal and regional governments and state-controlled companies to pursue cost-cutting measures.
 
Russia will leverage the massive cash stash it has accumulated in its sovereign funds more actively. Currently, the total assets of the National Wealth Fund (NWF) and the Reserve Fund amount to 6.5 trillion roubles. Part of it will be injected into the real economy through infrastructure projects like the Trans-Siberian Railway, the BAM, the Central Ring Road motorway in the Moscow Region, bridging the digital gap and developing intelligent networks.
 
Taxes is a sensitive issue for any country. According to the Prime Minister, tax burden will largely remain the same. “We did not increase the VAT, realising that this will further complicate the already difficult situation of our entrepreneurs; on the contrary, we must improve the business environment. We decided not to raise the personal income tax, so as not to reduce the take-home remuneration of our people, and left the flat tax rate unchanged, although it is being occasionally attacked. Following a long debate, we have also dropped the idea of introducing a sales tax,” Medvedev told the summit of business leaders.
 
However, some regions will have the right to levy special charges from retailers, caterers, taxicabs, as well as tourist and resort fees, he added.

The government will also focus on the development of the agricultural sector. The updated national program will facilitate import substitution – dairy breeding, beef cattle breeding, gardening, and vegetable growing in the open and greenhouses, as well as access to capital. 




Author: Mikhail Vesely

Tags:      

Next Previous

You might also find interesting:

IMF Finds Russian Economy Recessive 40 most expensive Russian brands German Industrial Companies Invested 2 Billion Euros In Russia New Oil Cartel Italy Calls Russia









Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
Archaeology  Russian Bears  Russian tourism  Mercedes-Benz Fashion Week Russia  MIBEXPO  Tourist Information Centre  St. Petersburg  Astronautics Day  Romanovs  Sculpture  Russian regions  Central Bank  Azerbaijan  Ethnogastronomic Tourism  Karlovy Vary Film Festival  Moscow  travel to Russia  Vera Zvonareva  Leningrad Region  Exhibitions in Moscow  Different Space Festival of Contemporary Music  Zaryadye  Tchaikovsky Moscow State Conservatory  Samara  Russian Cinema  Swarm  Kazan Fifa Russia   State Catalogue of the Museum Fund  swimming in Moscow  Moscow exhibitions  Murmansk Region  bus tickets Russia FIFA  Omsk  Samara Region  corruption  Archeology in Moscow  Russian business  Muromtsevo  Russian journalists  Festivals in Moscow  Arkhangelsk  Resources  Smolensk  Paleontological Finds  May 6 rally  Russian Theater  New Museums  Russian fashion designer  Artplay Design Centre  Russian retail sector 


Travel Blogs
Top Traveling Sites