Russia considers introducing tax on cash transactions

‘The Russian Ministries of Finance and Economic Development are working on the way to reduce cash payments, business daily Vedomosti reports. The goal is to move away from the shadow economy and corruption that comes from money laundering and tax evasion.
According to the newspaper, the ministries are considering banning the payment of salaries in cash, limiting large cash purchases or introducing a cash tax.
Officials want to limit cash purchases of real estate, cars, and luxury items, but the cut-off price is being discussed. The economists are also looking at examples of India and Azerbaijan that limit not only cash transactions, but also cash withdrawals.’
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