From January 1, 2021 in Russia will cease to operate "favorite tax for small businesses" - the single tax on imputed income (UTII). The authorities claim that this tax "underpays the budgets" for entrepreneurs.

But the tax cancellation will lead to the fact that for a noticeable part of entrepreneurs the tax burden will increase many times and many - against the background of the difficulties caused by the pandemic - may go into the shadows, as a result of which local budgets will lose a significant share of income, according to experts interviewed by Eurasianet.org.

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"In the conditions of a significant decrease in revenue and economic instability, this special regime is not particularly beneficial," agrees the chief tax adviser of the law firm Tax Compliance, Yuliya Pavlova.

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You can view the full article in Eurasianet.