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Reduction of tax burden in Crimea will help take business out of shadow — minister

March 21, 2014, 17:03 UTC+3 MOSCOW
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MOSCOW, March 21. /ITAR-TASS/. The reduction of tax burden in Crimea will help take business out of shadow, says Russian Labor and Social Protection Minister Maxim Topilin.

“The unemployment rate is not high there,” he told reporters on Friday. “Crimea’s problems are related to legal and illegal employment, because it has a very high tax burden. For instance, insurance contributions to non-budget funds, not even insurance contributions, but the unified social tax rate reach almost 48% in certain cases.”

“Our insurance contribution rates make up two thirds of this sum as a maximum,” Topilin said. “Probably, this very serious fiscal burden forced many businesses to stay in shadow. Now the situation will normalize."

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