Russian Finance Minister: Budget spending down or taxes upStaff writer ▼ | November 25, 2015
Russia will have to increase taxes in two or three years from now if it fails to cut its budget spending, the country's Finance Minister said, Interfax reported.
Russia Anton Siluanov warned about unpopular measures
Alexei Kudrin, Russia's prominent former finance minister, has repeatedly said that without unpopular measures such as raising the retirement age and without substantial changes to the budget, the government will have no other option but to raise taxes.
Mr. Siluanov's warning to raise taxes in the next few years fits expectations that Russia is unlikely to proceed with unpopular measures in the near term as they may cause social discontent, something that Moscow is not willing to deal with ahead of parliamentary elections in 2016 and a presidential vote in 2018. ■