The Russian government has announced plans to introduce new measures to combat the shadow economy, with a focus on eliminating undeclared transactions. According to Finance Minister Anton Siluanov, the government aims to reduce the level of the shadow sector and increase state tax revenues. The steps will include cracking down on undeclared cash transactions and taxpayers who do not contribute to the national health fund or other social funds.

Siluanov emphasized the need for transparency in financial transactions, citing the importance of formalizing the crypto mining industry. This will involve introducing a miners’ registry, establishing tax rules for the industry, and bringing operators into the formal economy. The minister also called for a reduction in the use of cash, stricter enforcement of cash-register transactions, and closer monitoring of landlords who rent retail space.

In addition, Siluanov stressed the need for tighter customs control over imports from CIS countries to ensure proper taxation and curb “significant grey zones” in trade. These measures are part of a broader effort to strengthen oversight of social fund contributions and increase tax revenues. Russian Economic Development Minister Maksim Reshetnikov has also echoed the plans, noting that the issue of formalizing the economy has become more pressing.

The Russian government’s efforts to combat the shadow economy are expected to have a significant impact on the country’s financial sector. By reducing undeclared transactions and increasing transparency, the government hopes to strengthen its tax base and improve its ability to fund public services. The introduction of new measures to formalize the economy is also expected to promote economic growth and stability.

The plans to combat the shadow economy are part of a broader effort to stabilize and grow the Russian economy. The country’s central bank has reported that the economy is stabilizing, and the government is taking steps to promote economic development and investment. The introduction of new measures to formalize the economy is expected to play a key role in this effort, by promoting transparency and reducing the risk of corruption and tax evasion.