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Shuvalov says Russia may change tax system

September 13, 2014, 14:02 UTC+3 VLADIVOSTOK

Economic growth in Russia is not high enough, First Deputy Prime Minister said

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VLADIVOSTOK, September 13. /ITAR-TASS/. Russia’s First Deputy Prime Minister Igor Shuvalov did not rule out Russia may have to change the existing tax system due to the current conditions and insufficient economic growth.

In an interview with the Vesti on Saturday television programme he said the government had promised not to do so till 2018, but said “we now live in very tough conditions,” and “perhaps, we shall have to change the approach.”

Another factor, which may cause changes to the tax system, is that “economic growth [in Russia] is not high enough.”

The deputy prime minister said many governors had suggested introducing regional sales taxes. As for other taxes - VAT and income tax - the decision as yet is not to change those.

He is adamant under the conditions of sanctions, the Russian economy should not “get closed.” He compared the current sanctions with those, which China introduced in 1989 following the tragedy in Tiananmen Square. “Back then China used the sanctions greatly, though it sounds weird: they had one of first breaks-through which developed the country into China we know.”

“Never ever mobilising economy or closed economy,” the deputy prime minister said.

“As we now have mobilised around the president, on the other hand we should offer as much as possible freedom of economic development,” which is an option for making Russia booming. “Thus, the key result for today is the open economy and support for each other.”

The “trend for further economic freedom” should “have more discipline.”

“This does not mean extra regulation; just on the contrary: under the current conditions we should offer maximum freedom, so that entrepreneurs, like it was 10-15 years ago, could have the desire to produce much and to earn much.”

“If somebody wants” to have own businesses, they should have options, resources, credit resources “so that they could support their businesses.

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