Russia may raise taxes after 2012 presidential elections

Russia may have to increase taxes in 2013 following the presidential elections next year but will try to avoid this, Deputy Finance Minister Sergei Shatalov said late on Tuesday.

“We’ll do everything possible to avoid tax hikes but I do not rule out that such decisions may be made. It depends on our ability to restrain spending,” Shatalov told Ekho Moskvy radio station.

Shatalov said Russia had possible ways to cut spending.

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