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Regions stand to lose up to $2.9 billion due to special fiscal conditions — Putin

January 29, 2015, 15:39 UTC+3
President Vladimir Putin stressed that "it is very important that the regions be given the right to reduce rates, based on the special tax regime"
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Russian President Vladimir Putin

Russian President Vladimir Putin

© Mikhail Metzel/TASS

ANOSINO (Moscow Region), January 29. /TASS/. Regions stand to lose up to $2.9 (300 billion rubles), if special fiscal conditions are set in place, said Russian President Vladimir Putin on Thursday, at the government anti-crisis meeting.

President Putin stressed that "it is very important that the regions be given the right to reduce rates, based on the special tax regime."

"All of these business opportunities should be considered in the regional plans and actively used," the President said in his speech at the educational seminar for regional leaders.

"We specifically did not make any policy guidelines at the federal level, because certain positions could lead to serious shortfall in regional income. In some cases, up to $2.9 (300 billion rubles)," President Putin said.

He added that the federal government understands these issues, and understands that they would be solved better at a local level.

Putin said speculations on current economic environment are inappropriate and urged the governors to monitor regional pricing situation. "Times are challenging now but nothing unexpected took place. Crisis phenomena were predictable," the head of state said at a seminar for Russian regional and municipal executives.

Putin said that the action plan of the government in support of sustainable economic development and social stability was approved.

The head of state asked the governors to monitor the situation on food and essential goods markets, adding that nobody should speculate on the problems.

The president added that the government will continue to support important projects but using a discriminatory approach. "Sources of financing should be clearly defined," Putin said.

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