The government of the Russian Federation is developing a concept of "additional adjustment" of the tax system for the next three-year period (2022-2024) which can bring 395 billion rubles a year to the budget.
At the moment, four basic areas have been identified where it is planned to increase the tax burden: metallurgy, mining, excise taxes on harmful products and the income of wealthy citizens. According to Tatyana Safonova, Partner and Head of the Tax Practice at O2 Consulting, the increase in tax revenues is designed to finance strategic initiatives of the government such as a set of projects in the field of modern technologies, infrastructure, digital economy, modernization of public services.
Nevertheless, Tatyana expresses some doubt on the issue: "It is not a fact that the tax measures discussed will be implemented, and it is not a fact that the additional income will go exclusively to finance long-term investment projects."
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