29 Feb 2024 15:10

Putin proposes consideration of fair differentiation of tax burden for companies and individuals

MOSCOW. Feb 29 (Interfax) - The tax burden for companies and individuals should be distributed more fairly depending on the level of their income, Russian President Vladimir Putin said in his address to the Federal Assembly.

The President did not specify possible solutions to differentiate the tax burden.

"I propose to think through approaches to modernizing our fiscal system towards a more equitable distribution of the tax burden towards those with higher personal and corporate incomes, and, on the contrary, we need to reduce the tax burden on families, including through the deductions that I have already mentioned today," Putin said.

At the same time, incentive measures will be developed for businesses that invest in development in the implementation of infrastructure and social projects. "We certainly need to close all sorts of loopholes that are used by some companies to evade taxes or understate their tax payments," the president said.

"I ask the State Duma and the government to present a specific set of proposals in this regard in the near future, and in the future, taking into account the adopted changes, I propose to fix the main tax parameters before 2030, and thereby ensure stable and predictable conditions for the implementation of any, including long-term investment projects," he said.