STRELNA, the Leningrad region, April 30 (Itar-Tass) - Russian politician and entrepreneur Mikhail Prokhorov has welcomed the idea of a luxury tax on excessive consumption but has called for brushing up the mechanisms of its introduction.
"I believe that excessive consumption should be taxed,” Prokhorov told journalists.
"I am going to fall under this tax as an individual but I consider it to be normal,” he added.
The problem, in his view, is that it’s very hard to administer the luxury tax.
He believes that a progressive income tax could be more effective.