Russia slaps VAT on imports

RUSSIA will introduce a 20 per cent value added tax on most imported goods from tomorrow and impose excise duties on a range of items, press reports said on Friday.

The moves will help protect Russian producers and bring in an estimated 230 billion roubles (about HK$3 billion) of revenue, Itar-Tass news agency said - but they will also push up prices and exert upward pressure on the perilously high inflation rate.