The finance ministry laid out the 2024 to 2026 budget plan, emphasizing that there is no immediate need for sweeping tax reforms. The presentation framed the three-year outlook as prudent and stable, with a clear focus on maintaining a solid fiscal position while keeping a vigilant eye on how policy developments could shape the economic landscape in the near term. The statement underscored that the current stance is about preserving balance and continuity, rather than pursuing abrupt changes, and it highlighted the importance of steady governance in supporting investment, growth, and reliability for households and businesses alike.
When detailing the next fiscal cycle, the official reiterated that the budget remains balanced and that any policy adjustments would be measured, deliberate, and data-driven. The overarching message was continuity: stability in revenue and expenditure paths, careful monitoring of macroeconomic indicators, and a willingness to adapt if new data signals a shift in the fiscal environment. This approach is designed to reassure stakeholders that public finances will stay on a predictable course, while still allowing policymakers to respond to evolving economic conditions with targeted, evidence-based actions when necessary.
Tax policy development was described as an annual process that actively engages business leaders, industry groups, and economic experts to ensure that measures support growth and job creation without adding undue burden. The ministry indicated that ongoing consultations help align policy tools with the realities of the market, including adjustments to incentives for investment, innovation, and competitiveness. The process aims to balance fiscal responsibility with opportunities for enterprises to thrive, fostering a climate where entrepreneurship can prosper and workers can benefit from sustainable wage growth.
In a related development, Valentina Matvienko, a senior figure in the upper chamber, spoke to reporters following the autumn session and stated that there is no current discussion about changing the personal income tax scale. The remarks reflected a push toward preserving predictability in the tax system and avoiding sudden shifts that could disrupt household budgets and corporate planning. Her comments underscored the intention to maintain an orderly, transparent tax regime that supports both revenue stability and individual financial planning, even as the broader economy evolves.
Earlier, Dmitry Medvedev, a deputy head of the security council, pointed out that EU sanctions, while designed to constrain certain activities, have, paradoxically, contributed to some accelerations in the domestic economy. He cited quarterly growth figures that suggested the economy could accelerate as markets and producers adjust to new conditions, with the second quarter showing a notable uptick following a solid first quarter. This perspective highlighted how sanctions can generate unintended economic dynamics, prompting shifts in investment, production, and trade patterns that ultimately influence growth trajectories and policy responses.
A former business ombudsman offered insights on how the labor framework could adapt to changing conditions, stressing the need to balance regulation with the goal of sustaining economic expansion and job creation. The emphasis was on crafting flexible rules that protect workers and consumers while encouraging hiring, upskilling, and productivity. The commentary endorsed a pragmatic approach that aligns labor standards with market realities, supports competitive wages, and reduces barriers for enterprises aiming to scale up and hire more talent. The overarching theme was resilience: building a labor system capable of withstanding shocks and evolving alongside technology, global supply chains, and demographic trends.