There will be no change to the reduced VAT rate of 10% on a number of foodstuffs, goods for children, medicines, books and periodicals, explain the Ecovis experts.
The following compensatory measures are being introduced parallel with the rise of VAT rate:
- reduction of threshold for accelerated VAT refund to exporters. Currently only companies which have paid not less than 7 bln roubles in taxes for the last three years may enjoy accelerated VAT refund; this figure will be decreased to 2 bln. roubles.
- reduction of 3-month period for carrying out desk audit for the VAT refund
- abolition of tax on movable property
Sergey Vyssotsky, Director Ecovis Conseco, ECOVIS Conseco, Moscow, Russia