Russia plans higher taxes for rich, companies as cost of Ukraine war mounts

Al Jazeera ^ | 5/29/2024 | Staff

[marcusmaximus]

Russia has announced plans to raise taxes on businesses and the wealthy as it scrambles for additional revenue to fund its invasion of Ukraine.

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“The changes are aimed at building a fair and balanced tax system,” Minister of Finance Anton Siluanov said in a statement, adding that the extra funds would bolster Russia’s “economic wellbeing”.

-snip-

Income tax is currently 13 percent for the majority of Russians, with some higher earners paying a rate of 15 percent.

The Finance Ministry said under the amendments that the 15 percent rate would apply for annual incomes between 2.4 and 5 million roubles ($27,000-56,000), with three higher bands – of 18 percent, 20 percent and 22 percent – further up the income ladder. The top rate would apply to earnings exceeding 50 million roubles ($560,000).

-snip-

The corporate tax, meanwhile, will rise to 25 percent from 20 percent, adding 1.6 trillion roubles ($18b) to the budget in 2025 and 11.1 trillion roubles ($125.3bn) by 2030, according to Interfax.

The ministry said corporate tax rates could increase because the share of profitable companies in the economy was growing.

[tennmountainman]

Crimea in 2 Days.

[marcusmaximus]

It is so minor, and affects so few people

Spoken like a true socialist.

[marcusmaximus]

Putin botched his Kharkiv offensive, just like he botched his entire invasion.

[delta7]

All these Russia did this, that…..fact is Russia is winning in every sector, economy, manpower, weapons,support, manpower…. Get used to it and accept the inevitable.

[woodpusher]

Zelensky played by Charlie Sheen: Ukraine WINNING!

[billakay]

Spoken like a true socialist.

You're nonsensical...the total tax rate is much lower than the US, and you're breathlessly repeating it like it is a major crisis. I don't get it. Is your issue that the tax is no longer flat? Is it that there is income tax at all? Is the problem just 'Muh Russia'?