IMF suggests ways for updating Russia's single social tax

The International Monetary Fund (IMF) recommends Russia to update the single social tax by reducing its amount, not by decreasing the descending tax scale, Deputy Finance Minister of Russia Sergey Shatalov told RBC. He pointed out that Russia was going to follow its own way of updating the single social tax. Shatalov also stressed that IMF's suggestions were mostly technical, for example, regarding the improvement of tax collection. Additionally, the senior official pointed out that the IMF report also stressed the necessity of a careful reduction of the single social tax.

It is worth mentioning that on January 15, a group of IMF inspectors arrived in Moscow for analyzing reforms of Russian tax legislation.