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Mikhail Fradkov ordered to draft proposals on reducing VAT from 18% to 13% since 2007
Russian Prime Minister Mikhail Fradkov ordered the Finance Ministry and Economic Development and Trade Ministry to draft proposals on reducing the value-added tax from 18% to 13% since 2007. The Russian government said Sunday on its Web site that this measure aimed to boost economic growth but should not increase the share of state expenses in the GDP. The VAT reduction may increase the economic growth by 0.5% of the GDP, while the annual industrial output and investments will grow by 0.3-0.5% and 1.1-1.3% respectively. The government also pointed to the need of facilitating the order of the value-added tax reimbursement.
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