16:58 GMT +325 June 2018
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    UPDATE: Final decision on VAT remains to be made - PM Fradkov

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    MURMANSK, October 11 (RIA Novosti) - Russian Prime Minister Mikhail Fradkov said Tuesday that the final decision on lowering the VAT rate had not yet been made.

    Cutting VAT from 18% to 13% by 2007 is intended by the government as one in a set of measures proposed by the government to accelerate economic growth.

    Fradkov, who supports the idea of reducing the VAT rate, said, "...half of the revenues that would be lost as a result of VAT cuts could be refunded through more rigorous [tax] collection" and the other half could be compensated for by taking advantage of the positive investment climate that the proposed measure is expected to achieve.

    Given such a situation, Russia's socio-economic outlook may need to be reviewed, he said.

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