Russia Plans Tax Hike on Businesses, Rich as War Costs Mount
- Russia may collect $29.2 billion in extra taxes in 2025
- Majority to be paid by business due to corporate tax hike
The headquarters of the Finance Ministry in Moscow.
Source: Bloomberg
This article is for subscribers only.
Russia said it plans to raise taxes on businesses and the wealthy, targeting a relatively small number of people in what could prove a popular move as the invasion of Ukraine continues to put pressure on government finances.
The Finance Ministry plan would introduce a more robust progressive income tax, while the levy on corporate profits would rise to 25% from the current 20%, according to the Interfax news service, which cited a proposal filed to the government.