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25 Декабря 2018
Foreigners

Cost of Living to Rise Next Year

Источник фото: vperedsp.ru
Источник фото: vperedsp.ru

Krasnodar, 25 December – Yug Times. A number of legislative novelties will become enforced in Russia since the beginning of the New Year.

We asked Yuri Pustovit, Managing Partner of Yug Law Office, to comment on some of the innovations.

“The year 2019 will be marked by the increased VAT - from 18% up to 20%. According to the Cabinet of Ministers, these 2% will allow to collect additionally 600 billion roubles as budget revenues. But we would like to know how these 2% will affect Russian citizens. First of all, the prices for all products - from food stuff to cars - will go up. In other words, all merchantable goods will become more expensive.

“Next year, there also will be a new tax on professional income, known as the ‘tax for the self-employed’. Those who used to work unofficially, or, as it is often said, freelance, will have to leave the shadow sector of the economy and start paying the income tax, at the rate of 4% if the services are rendered to physical persons, or 6% if to companies. The tax is being introduced experimentally for nine years - until December 31, 2028. For the time being, the Krasnodar region will not be part of the experiment.

“Since January, legal entities will be exempted from the tax on movable property.

“Business owners, when paying wages and allowances to their employees, will have to reckon the increased minimum amount of monthly wage; private entrepreneurs that do not hire employees will have to pay more as pension and medical insurance; small and midsize entrepreneurs will cease to be entitled for the privileged payment of insurance fees.”


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