The bill introduces a five-tier progressive income tax scale; it is expected to pass this summer, with the changes likely taking effect on Jan. 1, 2025.
The new taxes will extract RUB 16.8 trillion ($193 billion) from the population and businesses over the next six years. This amount exceeds the total volume of the Russia’s National Welfare Fund (fueled by profits from energy exports) by one-third.
Moreover, the amendments will implement a progressive personal income tax scale for those earning more than RUB 200,000 ($2,292) per month.
Additionally, private businesses will have to pay an extra RUB 11 trillion ($126 billion) to the state over the next six years, as the corporate tax rate increases from 20% to 25%.
Read also: War has cost Russia at least $211 billion – report
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Read the original article on The New Voice of Ukraine
Section: Nation
Author: Eric Malinowski
