Page 51 - RusRPTJun21

Bell at the time.
None of the economists or tax lawyers interviewed by The Bell could point to a precedent anywhere in the world for such a progressive income tax based on money transfers abroad, and, even if it could be done, they all doubted that it could lead to a Russian economic miracle.
And businesses themselves are in no hurry to share their profits with Putin. “I don’t think it will be hard to get around this,” one top financier told The Bell.
Why the world should care: It makes sense for Putin and Mishustin to go after the profits of Russian companies, and Putin has spoken about the anticipated onset of a commodity ‘supercycle’. Investors in Russia should be aware that the Russian authorities likely have plans for any profit windfall experienced by Russian companies.
4.5 Labour and income
4.5.1 Labour market, unemployment dynamics
Russia’s unemployment rate fell to 5.2%, its sixth consecutive month of decreases since the out of work rate spiked to 6.4% in august last year, according to the latest Rosstat figures. At the currently rate unemployment should fall to pre-corona crisis levels below 5% in the next two months.
Unemployment in Russia fell from 6.4 to 5.4%, as one million new jobs have been created, presidential aide Maxim Oreshkin said during the “New Knowledge” forum in Russia. Russia’s labour market is expected to recover to
51 RUSSIA Country Report June 2021 www.intellinews.com