Russia aims to drastically reduce underground economy

VTV.vn - Russia has implemented a comprehensive plan to drastically reduce the underground economy, increase budget revenue and tighten management of risky areas, from trade, labor to cash and cryptocurrencies.

People shop at a supermarket in Moscow, Russia. Photo: AFP/TTXVN

A comprehensive “de-shadowing” plan will reduce the share of the underground economy in Russia’s GDP by about 1.5% in three years and generate up to 1 trillion rubles ($13.02 billion) in additional revenues for state budgets starting in 2027, Deputy Prime Minister Alexander Novak said at a meeting of the National Council for Strategic Development and Projects.

The plan would also help increase budget revenues at all levels by up to 0.5% of GDP, including net exports, each year compared to 2024 levels, Mr. Novak said.

Finance Minister Anton Siluanov once stated that the underground economy in Russia now accounts for 10-12% of GDP.

According to Mr. Novak, the goal of “de-silencing” the economy is being implemented through a six-part plan, which covers the areas where the problem of “silencing” is most urgent: trade within the EAEU, the internal goods market, the labor market, the circulation of cash and digital currencies, illegal lending, and the tobacco and nicotine market.

The plan includes the following measures: first, launching a mechanism for confirming the receipt of imported goods from the countries of the Eurasian Economic Union (EAEU) by Russians and the prepayment of VAT on such goods. This is called the SPOT system.

Secondly, the cost of imported goods from the EAEU will be controlled. The Federal Tax Service is responsible for this.

Third, stop the transfer of rubles in cash of unknown origin out of Russia, including to EAEU member states, as well as ban the export of gold bullion from Russia.

Fourth, measures will be taken against individuals operating in the trade and service sectors without state registration or without using cash registers.

Fifth, handle the case of exchanging labor relations with freelance labor contracts through signing signs of labor relations, as well as assigning administrative responsibility to employers.

Sixth, promote the transition to cashless payment methods.

Seventh, regulate the circulation of digital currency by law and establish administrative liability for violations of digital currency mining laws and criminal liability for illegal mining.

Eighth, tighten responsibilities, including criminal ones, for individuals who illegally lend money for consumption.

Ninth, will license the wholesale and retail trade of tobacco and nicotine-containing products.

Source: https://vtv.vn/nga-dat-muc-tieu-giam-manh-kinh-te-ngam-100251209155348039.htm