FDI exceeds $40 bln in Russia in Jan-Sep

Banking

Foreign direct investment in Russia exceeded $40 billion in the first nine months of 2007, presidential aide Igor Shuvalov said on Wednesday at a session of the US-Russian business council.

“Foreign direct investment totaled around $30 billion in 2006, but exceeded $40 billion in the first nine months of this year," Shuvalov said. The Kremlin official assured investors that the Russian tax system would be “further simplified”, following the substantial reduction in the tax burden and abolishment of property tax that the country has seen in recent years. Shuvalov also said that a proposal to replace value-added tax with sales tax was currently being considered. Alternatively, VAT could be unified and substantially lowered.

Prime Minister Viktor Zubkov said early last week that Russia had so far accumulated foreign investment worth $178.5 billion, of which $60.3 billion came in the H1 of 2007, about three times the inflow during the same period of 2006. Zubkov said investment in fixed capital from all funding sources exceeded $130 billion in January-August, up 22% year-on-year. He said half of all investment went to equipment and transportation. (rian.ru)

ADVERTISEMENT

More Romanians at poverty risk since the COVID pandemic Analysis

More Romanians at poverty risk since the COVID pandemic

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.