The Russian minister of economic development, Elvira Nabiullina, stated that tax increases aimed at balancing the budgetary system of the country is a deadlock. "To balance the budgetary system, first of all, we should improve the effectiveness of spending," RIA Novosti quotes Nabiullin.
Tax increases were mentioned yesterday by the deputy finance minister, Sergey Shatalov, in an interview to Reuters. He said that business expects an increasing in VAT. Russia needs money for the Olympic Games in Sochi, the APEC summit, the Football World Cup in 2018 and the "Skolkovo" project.
