Russia is planning to raise income taxes on its wealthy elite and businesses as part of a move towards a progressive tax system. This policy shift comes amid the ongoing invasion of Ukraine, which has put significant pressure on government finances. Finance Minister Anton Siluanov stated that the increase in income tax would affect only 3.2% of the workforce with annual incomes exceeding 2.4 million rubles. Analysts predict that this move could lead to a decline in the standard of living and increased tax evasion. The proposal comes in the post-election period, and Sergei Shelin believes the Kremlin's ability to maintain a sense of normality in society is waning.
Putin proposes higher income taxes for the well-off to fund the war https://t.co/Jx9HF91G44
Russian military Keynesianism contrasts sharply with the Ukrainian government’s decision to stick to neoliberal dogmas of privatisation, lowering taxes and extreme labour deregulation, despite the objective imperatives of the war economy. https://t.co/evER8l6waL
Yesterday Russia proposed higher income taxes for the well-off. Sergei Shelin believes that the ability of the Kremlin to maintain a sense of “normality” in society amid the war in Ukraine is waning and predicts a decline in the standard of living https://t.co/0fzg95c1Hd
#IEWorld | Russia’s wealthy elite could face higher income tax as authorities propose a new, progressive system https://t.co/7zdPV2oeZH
Russia said it plans to raise taxes on businesses and the wealthy as its invasion of Ukraine puts pressure on government finances https://t.co/uOyafRYulH
It’s post-election time, which means let’s get some unpopular policymaking out of the way. Russia is moving toward reinstating progressive personal income taxes. The tax evasion to come will blow your mind. https://t.co/aF8NJ792cM
RUSSIA'S SILUANOV: INCREASE IN INCOME TAX RATE WOULD AFFECT ONLY 3.2% OF WORK FORCE WITH ANNUAL INCOME EXCEEDING 2.4 MILLION RUR