Gref spoke about the expectations of business to increase the tax burden

Business expects an increase in the tax burden due to the growing costs of the Russian budget. This was announced by Chairman of the Board of Sberbank German Gref during a speech at the bank’s business breakfast as part of SPIEF.

“Obviously she [расходная часть бюджета] will grow. The only such degree of freedom is the volume and direction of budget expenditures to support the economy. In many ways, the rest of the costs are deterministic. From which the business concludes that, most likely, from the new year we will see an increase in the tax burden,” he said.

According to Gref, there are four priorities for the government – national security, reducing social inequality, infrastructure development, as well as import substitution and technological development.

On June 15, Assistant to the President of Russia Maxim Oreshkin SPIEF informedthat raising taxes on businesses would be counterproductive. According to him, the potential gain from the increase in taxes will be less than the losses from the economic slowdown. Economic Development Minister Maxim Reshetnikov, in turn, pointed out that any tax burden on business would undermine the growth of private investment, which is necessary for the Russian economy.

On June 7, the government submitted to the State Duma a bill on excess profit tax. According to the initiative, the tax will be levied on the excess of the arithmetic average profit for 2021-2022. over the arithmetic mean of profit in 2018–2019. The rate is set at 10%, the tax must be paid no later than January 28, 2024. At the same time, if the fee is paid from October 1 to November 30, 2023, the business will receive a “discount” and the rate will be reduced by 2 times – to 5%.