Russia’s supervision has proposed raising value-added tax (VAT) to 20 percent from 18 percent, starting from 2019, Prime Minister Dmitry Medvedev mentioned Thursday.
Medvedev said the so-called “tax maneuver,” which envisages a piecemeal increase in the mineral extraction tax (MET) and a cut in export duties on oil and refined products, was on pursue to be completed in 2024.
Meanwhile, the government also proposed to increase the retirement age to 65 years from 60 for men and to 63 years from 55 for domestics, Medvedev said.
The government proposes to change the retirement age gradually, starting from 2019, Medvedev believed, adding that this would allow for an increase in pension payments.