This announcement was made by Minister of Finance Anton Siluanov, TASS news agency reports.

“We are currently preparing proposals to improve the tax system based on your instructions”, Siluanov told Russian President Vladimir Putin at a session of the Strategic Development and Priority Projects Council. “Measures to improve labour productivity at enterprises will also be prepared among these proposals”.

The minister noted that this means stimulating the creation of highly productive jobs, upgrading production, and improving product quality. “Through tax legislation, we will encourage enterprises to invest resources in innovation and new equipment to meet the challenge of improving labour productivity”, Siluanov said.

Putin asked Minister of Economic Development Maxim Oreshkin when initiatives might be launched to improve labour productivity.

“I think we will wrap up all the necessary preparatory work by the end of summer and actively start introducing it for pilot regions in autumn”, Oreshkin said.