Page 14 - RusRPTJun24

obligation to pay VAT is introduced on revenues of 60mn rubles per year (but with different options rates). “Crushers” have been offered an amnesty for whitewashing their business from 2025. The tax regime for self-employed people will not change.
The “request for social justice” is taking up more and more space in Vladimir Putin’s rhetoric, and the Ministry of Finance is trying to explain tax increases to them. But the reform is not very similar to the redistribution of income in favor of the poor. Most of the income of the real rich (dividends, sales of shares, etc.) remains outside the progressive personal income tax scale, and over time, more and more workers in the defence industry and related industries will pay increased taxes.
Via The Bell
2.3 Putin visits China; US sanctions also make trade between China and Russia more difficult
Russian President Vladimir Putin travelled May 16 on a state visit to China to meet President Xi Jinping. In addition to Beijing, the destination is Harbin in northeastern China. The political relations between the countries have become closer after the war of aggression against Russia, says the Bank of Finland institute for Emerging Economies (BOFIT) in its weekly update.
The last time Putin visited China was at the forum of the Belt and Road project in October. According to Russia, the meeting will discuss cooperation in areas of innovation, such as high technology, space technology and renewable energy. The information about the meeting did not mention the Power of Siberia 2 gas pipeline. The pipeline agreement, which has been in discussions for a long time, would be important for Russia. According to the Russian gas company Gazprom's plans, the pipeline would be in use in 2030, although an agreement with China has not yet been reached.
The growth of trade between the countries has waned. According to Chinese customs data, the value of goods exports to Russia decreased by 3% in January-April from a year ago. The value of imports increased by 11%. In particular, the export of vehicles to Russia has decreased. This can be partly explained by the boom at the end of last year, when Russians bought Chinese cars before Russia stopped at the beginning of April the possibility of reimporting cars to the country through the Eurasian Economic Union with lower taxes.
The increase in imports is mainly due to crude oil imports, which grew in January-March in terms of volume by 13% (China's total oil imports +1%) and in dollars by 20% y/y. Imports of oil products and natural gas from Russia also increased at the beginning of the year. Coal imports, on the other hand, decreased. Russia is China's most important oil importing country with a 20% share. According to customs data, a ton of oil imported from Russia cost 3%
14 RUSSIA Country Report June 2024 www.intellinews.com