Revealed fate is derived from the increase in VAT money

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Photo: Sergey Mamontov / RIA Novosti

Amounts will get from raising the VAT rate to 20 percent, will be spent on health, education, digitization and infrastructure. The business will receive additional preferences, said first Deputy Finance Minister Anton Siluanov the TV channel “Russia-1”.

In his opinion, additional funds will also allow us to increase the pace of economic growth and investment activity in Russia. For business when the VAT increase will keep preferential rates for food items, medicines, school uniforms and other items for which today there is a 10 percent VAT rate, the Minister said.

“Of course, the impact of the VAT increase on inflation is. We believe that in the current environment it is not essential. Nevertheless, the disadvantages from the increase in VAT, when compared with the advantages, when we will receive additional resources and redistribute from the economy to the sector that will give the best quality of services, much more,” — said Siluanov.

About the increase of VAT from 18% to 20% announced on 14 June, Prime Minister of Russia Dmitry Medvedev. The decision will come into force on 1 January 2019. On the same day it became known to gradually raise the retirement age to 65 years for men and 63 in women by 2034.

Video, photo All from Russia.

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