„There are no plans to alter the tax any time soon,” Deputy Finance Minister Sergei Shatalov said today at a conference in Moscow organized by small and mid-sized business association Opora. Fair Russia, a new pro-Kremlin party, sponsored bills in parliament to enact a progressive income tax that would raise the rate to 20% for people making between 1.2 million rubles ($46,000) and 3.6 million and to 30% above that. Putin signed the tax bill slashing income taxes soon after coming to power in 2000 and it came into force on January 1, 2001, leading to a surge in government revenue and a sharp decline in delinquency rampant under the old system. (Bloomberg)
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