Prime Minister Mikhail Kasyanov hailed the growing role small businesses are playing in the economy, but called on the government to redouble its efforts to support the sector through less bureaucracy and taxes.
The Russian Central Bank and Finance Ministry plan to recommend audit firms for International Accounting Standard (IAS) reports, Central Bank First Deputy Chairman Tatiana Paramonova said Tuesday (14 October).
Russia could see a significant inflow of investments in just a few months because of the raise in its sovereign rating to the investment level.
Foreign direct investment (FDI) in Russia could hit $6 billion - $6.5 billion in 2003. FDI has been growing at a rate of approximately 50% so far this year, German Gref, the economy minister, said at the World Economic Forum.
Interfax Rating Agency, the strategic partner of Moody's in Russia, has assigned a long-term credit rating of A1 (rus) to the Small Business Credit Bank (KMB-Bank). The agency has also assigned a short-term rating of RUS-1 to KMB
Prime Minister Mikhail Kasyanov said that the government was "pressing on with tax reforms," recalling that from 2004 VAT would go down from 20% to 18% and the sales tax would then be abolished.
At the Russian-Malaysian business forum in Kuala Lumpur yesterday (5 August), President Vladimir Putin said that the two countries are taking the necessary steps to promote trade turnover.
The European Bank for Reconstruction and Development (EBRD) and Hansabank will sign a cooperation agreement on financing the operation of Hansa Capital's Russian subsidiary today.
Vladimir Putin, Russian president, yesterday lent his weight to calls for lower taxes and reductions in red tape in an effort to boost the country's poorly-developed small business sector.
The NIKoil Financial Corporation has just announced the establishment of a separate factoring company named "Operational Factoring Company NIKoil" in order to speed up its regional development programme.
