Minister: Russia may reconsider luxury tax, but not this year

Russia’s Finance Ministry may revisit the issue of raising the luxury tax, but not in the current fiscal year, Finance Minister Anton Siluanov said during a meeting of the Budget and Taxes Committee in the State Duma.

According to RBC, Siluanov noted that the country’s financial authorities finalised decisions on the top rate of personal income tax (PIT) last year, and revisiting the matter now “would be inappropriate.”

“This direction could be explored, but probably not this year, not in this fiscal year,” Siluanov said, adding that increasing the luxury tax “would not bring in significant revenue.”

By Vugar Khalilov