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The State Duma has Adopted a Bill on Raising the Basic VAT
9.07.2018 17:29
The State Duma has Adopted a Bill on Raising the Basic VAT

The State Duma has adopted a bill on raising the basic VAT rate to 20 percent in 2019 in the first reading. Now the rate is equal to 18 percent. VAT is a value added tax. If the company sells products at a price higher than the cost price, then the difference between the purchase and the sale price is the added value, so it is necessary to pay the tax.

      According to the bill, the VAT rate on socially important goods will not change and stay equal to 10 percent. These good are medicines and children’s goods. The VAT rate of 0% will also be preserved. In addition, in the document of the government suggests to lower insurance premiums. If the law adopts discount rate pension insurance, it will be fixed at the rate of 22 percent: the contributions won’t be increased up to 26 percent. The aggregate rate of insurance premiums paid to state extra-budgetary funds will also be reduced from 34 to 30 percent.


Author: Anna Dorozhkina

Tags: Russian taxes     

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