Russia's finance minister promises no new taxes, but hints at ‘adjustments‘

First Deputy Prime Minister and Finance Minister Anton Siluanov says Russia has no plans to change its tax system in the next six years, but there will be “adjustments.” Siluanov stressed the government’s need for “stable conditions,” arguing that taxes are key to maintaining this stability.

What kind of “adjustments” should Russia’s stability-rich citizenry expect? Siluanov says the government is once again considering measures to simplify the tax code, in order to encourage more businesspeople to stop working in the economy’s “gray sector,” where profits and expenses are under the table and off the books.

The Russian media has repeatedly said the government is discussing major tax reforms, including the introduction of a progressive income tax, higher insurance fund taxes on salaries, and more indirect taxes. Prime Minister Dmitry Medvedev has also signaled that the government will propose raising the country’s retirement age to maintain the pension system’s sustainability.