Russian fin ministry wants to raise labor productivity via taxes

MOSCOW, Mar 21 (PRIME) -- Russian companies should be stimulated to upgrade their facilities and improve labor productivity through taxation, Finance Minister Anton Siluanov said at a meeting of a presidential council for innovative development on Tuesday.

“We are preparing proposals on the tax system improvement, and measures to raise labor productivity at companies will be prepared among them,” Siluanov said.

“We will stimulate companies to invest resources in innovations, in new equipment through the tax legislation in order to raise labor productivity.”

Employees who will be fired as a result of rising labor productivity will be retrained.

“First of all, we are considering incentives to create highly productive jobs, stimuli for companies to upgrade their productions to release employees and produce better goods with their fewer numbers,” Siluanov said.

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