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Russian businesses’ profits fell 8.3%, or 1.6 trillion rubles ($19.9 billion), in January-August, according to Rosstat.
“As economic growth slows and revenues shrink, Moscow can no longer ramp up fiscal stimulus and is instead imposing austerity measures that threaten to further choke the civilian economy,” said Alexander Kolyandr, a senior fellow at the Center for European Policy Analysis.
To balance the budget, the government will raise the VAT to 22% next year and prepare a radical tax reform for small businesses that will strip hundreds of thousands of entrepreneurs of low rates, The Moscow Times reported.