The first day of the Moscow Financial Forum opened with a session on “Tax reform: to complete or to halt? Summing up tax system changeover.” The session started with a survey: the Forum speakers and participants voted whether continuing the adjustment of the Russian fiscal system is worthwhile.

Ilya Trunin, Deputy Minister of Finance of the Russian Federation, noted: the task of the Ministry of Finance is, among other things, to prevent fiscal law from having any adverse effects on investment projects.

The Deputy Minister emphasized, “Business investment can be even financed in full, should a subject decide to do so we will provide incentives too. It all depends on the subject’s decision here. We have really been implementing a serious tax reform; in particular, we have eliminated entity’s wealth tax.”

During the survey, they looked at the fiscal changes required in the years to come. Summarizing the survey, Ilya Trunin noted that the majority believe that the Tax Code needs revision.

In conclusion, the session participants noted that there is another topic to discuss in the future: the issues of payroll and stimulating companies in terms of training their employees.