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Tax hike will hurt Russian economy, budget revenues, minister warns

March 27, 14:31 UTC+3

It will inevitably have a negative impact on the economy and eventually on budget revenues, Minister Maksim Oreshkin said

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MOSCOW, March 27. /TASS/. A tax increase will negatively affect Russia’s economy and budget revenues, Economic Development Minister Maksim Oreshkin said Tuesday, adding that a structural approach is needed.

"We should ensure that (tax innovations) will first of all bring structural effects, which will trigger economic growth and tackle poverty. Meanwhile, one should bear in mind that a simple tax hike will inevitably have a negative impact on the economy and eventually on budget revenues," he said.

Last week Vedomosti business daily wrote with reference to sources, that the possibility of raising the rate of personal income tax from 13% to 15% was discussed at a meeting with Prime Minister Dmitry Medvedev.

After that Deputy Prime Minister Arkady Dvorkovich said that the government is against introduction of a progressive personal income tax rate, adding that one of the options under discussion is a slight hike of personal income tax simultaneously with the increase of tax exempt minimum, which means reduction of tax burden for people with low income.

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