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The Future Increase in the VAT will Affect Prices in Russia Soon
27.08.2018 00:01
The Future Increase in the VAT will Affect Prices in Russia Soon

The future increase in the value-added tax (VAT) rate from 18% to 20% may affect prices already this year, as TASS reported with a reference to the review of the Central Bank of the Russian Federation titled “Consumer Price Dynamics” for July. Despite the fact that VAT will be raised beginning from 2019, prices may start to grow soon. The regulator has come to such conclusions as a result of the poll held among companies.

      Tax Regime - Choose Online

      “Although the VAT will be increased from January 2019, the impact on prices may show as early as 2018. This is indicated, among other things, by the results of the poll of companies conducted by the Bank of Russia. Some of them plan to raise prices for their products before the end of this year. This situation pretty much corresponds to the experience of countries that had previously increased VAT”, as the review says.

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Author: Anna Dorozhkina

Tags: Russian business     

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