"Nov. 20 (Bloomberg) -- Russia's government will cut the corporate profit tax rate to help companies weather the worst financial crisis in a decade, Prime Minister Vladimir Putin said. The rate will fall four percentage points in January from the current 24 percent, freeing up 400 billion rubles ($15 billion) for businesses, Putin said today during the ruling United Russia Party's annual congress in Moscow. ...Small businesses will see their profit-tax burden slashed to 5 percent from 15 percent, he said, while speeding up refunds of value-added taxes would also be a priority. Russian companies are struggling to access funds after credit markets seized up in the global slowdown even though the government has adopted a $200 billion liquidity-boosting bailout package. The World Bank said this week that it cut its growth forecast for Russia from 6.5 percent next year to 3 percent."Russia to Cut Corporate Tax Rate in January - Bloomberg Nov 20
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on November 20th, 2008, 11:00 pm, edited 1 time in total.