A tragic – yet not uncommon – story in Russia: a businessman, exploring new business opportunities, killed while carrying $400,000 in cash. Why carry this much cash and not use a bank system?
The killing casts the spotlight once again on the prickly issue of cash-only payments, a tax-avoidance practice that Russian entrepreneurs insist is necessary to remain competitive but that many foreigners detest because it forces them to carry around a lot of cash…
Small-business owners interviewed for this report insisted that they had to work in cash to avoid what they called double taxation: official taxes and bribes. Most owners would speak only on condition that their last names and places of business not be disclosed.
The story gives a good account of the current state of affairs in Russia in regards to corruption. Check it out.
Published Date: April 05, 2006