The second VAT rate increase in seven years, scheduled for 2026, will place Russia among the top 20 countries in the world in terms of this tax. This was announced by analysts at the Gaidar Institute.<\/p>\n
Only a few EU countries or countries belonging to the EU single market will have higher VAT rates than Russia: 27% in Hungary, 25% in Denmark, Croatia and Sweden, 24% in Finland, Estonia and Greece, and 23% in Slovakia and Ireland.<\/p>\n
In the largest EU economies, VAT will be lower than in Russia: 20% in France and 19% in Germany. Among countries outside Europe, Russia will rank first in terms of VAT and will share this position with Uruguay (where the rate is also 22%).<\/p>\n
In China, VAT is only 13%, in Japan \u2013 10%, and in the UAE \u2013 5%, experts add for comparison.<\/p>\n
The Ministry of Finance plans to collect 1.4 trillion roubles in additional taxes for the budget thanks to the new VAT, which spends every third rouble on the war – a record share since the days of the Soviet Union.<\/p>\n
However, the plans of the ruling regime in the Russian Federation may not come to fruition, warn experts at the Gaidar Institute: the increase in VAT will result in a short-term increase in consumer prices, a decrease in consumer demand and a decline in the purchasing power of both businesses and the population. The budget may lose 600 billion roubles in VAT alone.<\/p>\n
Russia is facing a \u2018tax spiral,\u2019 according to Russian economists, who predict that the government will have to raise taxes again next year.<\/p>\n","protected":false},"featured_media":150533,"menu_order":0,"template":"","newscat":[9],"newstag":[],"issues":[],"class_list":["post-150532","news","type-news","status-publish","has-post-thumbnail","hentry","newscat-novosti"],"_links":{"self":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news\/150532","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media\/150533"}],"wp:attachment":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media?parent=150532"}],"wp:term":[{"taxonomy":"newscat","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newscat?post=150532"},{"taxonomy":"newstag","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newstag?post=150532"},{"taxonomy":"issues","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/issues?post=150532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}