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Russian Finance Ministry Might Raise Dividend Tax

Tuesday, 14 January 2014   (0 Comments)
Posted by: Author: Reuters
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Author: Reuters

Russia's Finance Ministry is considering a proposal to increase tax on revenues from dividends to 13 per cent from 9 per cent to replenish state coffers, Vedomosti business daily reported on Tuesday.

The newspaper, citing Deputy Finance Minister Sergei Shatalov, said the rise would first only affect individuals and not businesses, although it could be applied to both in the future. 

A spokeswoman for the Finance Ministry declined immediate comment. The paper said Federal Tax Service data showed that tax on revenues from dividends for individuals reached 56.9 billion roubles ($1.7 billion) in 2012. 

Russia's budget funding gap could reach some $300 billion between 2017 and 2020 if spending remains high and oil prices drop, according to the Finance Ministry's budget strategy to 2030. 

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