Siluanov explained the VAT increase

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www.vsyako.netPhoto: Vladimir Fedorenko / RIA Novosti

The increase of VAT from 18 to 20 per cent, which was produced in Russia from January 1, 2019, gave the budget 650 billion rubles, or about 0.6 percent of GDP. The first Vice-Premier, Finance Minister Anton Siluanov said in an interview with “Moskovsky Komsomolets”.

The funds received are allocated to tasks that will give incentives for growth and business development in Russia. In particular, we are talking about such projects as “labor Productivity and employment support”, “Small and medium entrepreneurship”, “international cooperation and exports”.

In particular, according to the Minister, the implementation of the national project for increasing productivity allows companies to increase it by 10-30 percent per year.

“This gives us the opportunity to raise wages, create new jobs, to plan further investment in its development”, — said Siluanov. He added that business has already started to receive loans at a reduced rate, subsidized by the budget.

“Of course, we are only at the beginning, over time work has started to be scaled — all the same national projects for six years,” he said.

One of the main tasks of the national project “Productivity and employment support” is the acceleration of labor productivity growth for medium and large enterprises of the basic non-oil sectors to five percent per year by 2024.

Video, photo All from Russia.

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