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Russia’s economy minister predicts effects of VAT hike will be seen in late 2019

At the moment it is too early to fully assess the measure, Maxim Oreshkin said

Russia's Minister of Economic Development Maxim Oreshkin Sergei Guneyev/POOL/TASS

Russia's Minister of Economic Development Maxim Oreshkin

© Sergei Guneyev/POOL/TASS

MOSCOW, September 2. /TASS/. The gains from increasing the VAT will become visible following the implementation of the National Projects, and its first results are going to be able to seen at the end of 2019, Minister of Economic Development Maxim Oreshkin said in an interview with TASS.

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Talking about the VAT, the minister noted, "The positive effect of its increase will appear once the National Projects are implemented. We have just picked up steam, so right now it is too early to assess the entire measure, let's wait at least until the end of 2019 and then we will draw the first conclusions".
Authorities increased the VAT rate to 20% from 18% on January 1, 2019. According to the Ministry of Finance, this move will increase budget revenues by 620 bln rubles ($9.29 bln) per year. The previous VAT rate of 18% had been in effect since January 1, 2004.

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