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Decision on VAT will be made before August 2008

March 31 2008
02:26

The final decision on timing to reduce the VAT rate and its unification should be taken before August 2008. Earlier, the Finance Ministry announced a possible decrease in the VAT rate to 15-16%. This is stated in the "Basic directions of tax policy for 2009 and the planned period 2010 and 2011, made by the Ministry of Finance in the Russian government.

The document is said about the possible levels to reduce the 18 percent VAT rate. Noted only that the adoption of such measures in terms of long-term fiscal planning requires a comprehensive balanced assessment of all the possible macroeconomic and budgetary implications.

Earlier, the Finance Ministry announced a possible decrease in the VAT rate to 15-16%. At the same time, First Deputy Prime Minister Sergei Ivanov said that the decision to lower the VAT rate to 12% will be taken during the second half of 2008.

Russian Finance Minister Alexei Kudrin earlier said that any decision to reduce VAT can only be realized in the next three-year budget in 2010-2012. Among other measures to improve the VAT Finance Ministry suggests reducing the number of documents required to apply a zero VAT rate.

Thus, it is supposed to exclude proof of payment transactions, and eliminate the condition under which to justify the zero-rate buyer of exported goods should only be a foreign person.

Since 2009, the Ministry of Finance considers it necessary to exempt from VAT number of social services. In particular, the services of social services for orphans, children left without parental care, children who are members of families whose income per member does not exceed the cost of living, support services and social services for senior citizens, homeless.

Also be exempt from VAT sports and health services to the public, including sports and recreational activities, the provision of physical culture and sport for people, training of trainers of physical culture and sports.

Assumed to be exempt from VAT and service the performances, the show displays exhibitions of works of art and museum exhibitions, service creation museum catalogs and maintenance of museum visitors, services for psychological support, vocational training, retraining and further training provided under the direction of employment services, transfers look.

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