President Vladimir Putin has stated the importance of ‘whitening’ the Russian economy and developing a transparent competitive environment. He made this assignment during a meeting of the Council on Strategic Development and National Projects. According to him, the government has already prepared a corresponding plan. ‘This is very important. We have discussed this multiple times. With the increase in VAT, we need to ensure that nothing goes into the shadows, that everything operates legally,’ said the president.
On November 28, Putin signed a law increasing the VAT rate to 22% from 2026 onwards. The preferential rate of 10% will remain for socially significant goods. The document also provides for a gradual reduction in the annual revenue threshold at which companies are required to pay VAT: in 2026 – down to 20 million rubles, in 2027 – down to 15 million rubles, in 2028 – down to 10 million rubles. Initially, it was proposed to immediately reduce the threshold to 10 million rubles. The bill was approved by the State Duma on November 20.
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