Investment Climate in St. Petersburg and Leningrad Oblast
Tax situation improved
▶ If not a “tax heaven", Russia is among less “tax
miserable" places now
A few problems still remain, primarily related to
implementation
► Still many uncertainties in application of tax
law
► "Form over substance" approach is usually
taken by the tax authorities
"Budgetary plans" for tax collection
Tax audits result in tax litigations in most
cases
► Practical difficulties in VAT refund
France
China
Italy
Spain
Turkey
Japan
Poland
USA (New York)
Germany
United Kingdom
USA (Texas)
Tax Misery Index*
Russia
Ireland
India
0.0
50.0
100.0 150.0 200.0
2000 2007
*Tax Misery Index is a sum of sizes of major tax rates. The higher the
index, the higher is the tax load
Source: Forbes (May 2007), EY Research & Analysis
September 4, 2008
Investment Climate in St. Petersburg and Leningrad Oblast
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