People shop at a supermarket in Moscow, Russia. Photo: AFP/VNA
A comprehensive plan to “eliminate the underground economy” would reduce the share of the underground economy in Russia’s GDP by approximately 1.5% over three years and generate an additional revenue of up to 1 trillion rubles ($13.02 billion) annually for budgets at all levels, starting in 2027. This was announced by Deputy Prime Minister Alexander Novak at a meeting of the National Council for Strategic and Project Development.
Mr. Novak stated that this plan will also help increase government revenue at all levels by up to 0.5% of GDP, including net exports, each year compared to 2024 levels.
Finance Minister Anton Siluanov once stated that the informal economy in Russia currently accounts for 10-12% of GDP.
According to Mr. Novak, the goal of "eliminating the shadow economy" is being pursued through a six-part plan, encompassing the areas where the issue of "shadow economy" is most pressing: trade within the EAEU, the domestic goods market, the labor market, cash and digital currency circulation, illicit lending, and the tobacco and nicotine market.
This plan includes the following measures: firstly, launching a mechanism to verify that Russians receive imported goods from countries belonging to the Eurasian Economic Union (EAEU) and to pre-pay VAT on those goods. This is known as the SPOT system.
Secondly, the costs of goods imported from the EAEU will be controlled. The Federal Tax Authority is responsible for this.
Thirdly, block the transfer of unregistered ruble cash out of Russia, including to EAEU member states, and ban the export of gold bars from Russia.
Fourth, measures will be taken to combat individuals operating in the trade and service sectors without state registration or without using cash registers.
Fifth, address the issue of replacing legitimate labor relations with informal employment contracts by signing agreements that merely represent labor relations, and hold employers administratively accountable.
Sixth, promote the transition to cashless payment methods.
Seventh, regulate the circulation of digital currencies through legislation and establish administrative liability for violations of laws on digital currency mining and criminal liability for illegal mining.
Eighth, tighten accountability, including criminal liability, for individuals engaging in illegal consumer lending.
Ninth, licenses will be granted for the wholesale and retail sale of tobacco and nicotine-containing products.
Source: https://vtv.vn/nga-dat-muc-tieu-giam-manh-kinh-te-ngam-100251209155348039.htm
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