12.10.08

A package of actions to ease the tax burden following replacement of unified social tax by insurance payments has been agreed on and will be OKed by late 2008, a source with the government told the reporters.

At the same time, the source didn’t say what taxes they intend to reduce to compensate losses that the business community will incur when shifting to insurance payments. He said the president held the meeting to specify the guidelines.

The effect of the mentioned actions is being estimated now and the plans are that the bills take effect in 2010. The elaborated scenario doesn’t provide for the use of the National Welfare Fund yet, the source pointed out.

The previous idea of the government was to refer to direct transfers to the budget from the National Welfare Fund should the eased tax burden strip the budget of certain revenues.

Read More about Accounting Services from Alinga Consulting Group

Source: www.kommersant.com