Home HomeSwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

Russia wants to raise tax on the rich

Russia wants to raise income tax for rich inhabitants in the country, as a way to help the government fill the treasury during the war in Ukraine.

» Updated: 16 July 2024, 14:07

» Published: 10 July 2024

Russia wants to raise tax on the rich
Photo: Vyacheslav Prokofyev/Kremlin Pool Photo via AP/TT

Russia wants to raise income tax for rich inhabitants in the country, as a way to help the government fill the treasury during the war in Ukraine.

The bill, which was approved in the final third reading of the Duma, must be approved by the upper house and signed by President Vladimir Putin to become law.

The proposal would mean a 13 percent tax on incomes up to 2.4 million rubles, equivalent to almost 290,000 kronor, per year. For incomes above this amount, a steadily higher tax rate would apply, up to a maximum of 22 percent for incomes over 50 million rubles.

Putin said that the income tax would not affect more than three percent of Russian taxpayers. At the same time, the bill proposes that companies should pay more in income tax, from the current 20 percent to 25 percent.

According to the proposal, it is expected to bring in more than 2.6 trillion rubles extra to the state treasury by 2025.

A flat tax of 13 percent was introduced after Putin's first election in 2000, as an attempt to combat tax evasion and increase state revenue. In 2021, Russia changed the system so that individuals earning more than five million rubles per year would pay 15 percent on the amount above the sum.

Tags
TTT
By TTThis article has been altered and translated by Sweden Herald

More news

Trump's Peace Plan for Ukraine: No NATO for 20 Years
2 MIN READ

Trump's Peace Plan for Ukraine: No NATO for 20 Years

Biden addresses the nation after the election
1 MIN READ

Biden addresses the nation after the election

Canada in dispute with Tiktok - "national security"
1 MIN READ

Canada in dispute with Tiktok - "national security"

The EU Top on Trump: There is Something to Build On
2 MIN READ

The EU Top on Trump: There is Something to Build On

Harris Turned His Back: "Didn't Stop the Genocide"
2 MIN READ

Harris Turned His Back: "Didn't Stop the Genocide"

Israel buys new fighter jets from Boeing
1 MIN READ

Israel buys new fighter jets from Boeing

Israeli Attack on Hezbollah in Lebanon
1 MIN READ

Israeli Attack on Hezbollah in Lebanon

Demands No Confidence: "Scholz's Coalition is History"
2 MIN READ

Demands No Confidence: "Scholz's Coalition is History"

Iran: Trump's Victory Chance of Reconsideration
1 MIN READ

Iran: Trump's Victory Chance of Reconsideration

The demand to Georgia: Investigate election fraud
1 MIN READ

The demand to Georgia: Investigate election fraud

Democrats Fume: Biden's Arrogance Was Our Downfall
2 MIN READ

Democrats Fume: Biden's Arrogance Was Our Downfall

Two states are still counting their votes
1 MIN READ

Two states are still counting their votes

The Charges Against Trump – What Happens Now
3 MIN READ

The Charges Against Trump – What Happens Now

Struggle for Power in Congress
3 MIN READ

Struggle for Power in Congress

Xi wants a stable relationship with the USA in the "new era"
1 MIN READ

Xi wants a stable relationship with the USA in the "new era"

Russian drone attacks on Kyiv
1 MIN READ

Russian drone attacks on Kyiv

Australia: 16-year limit for Tiktok
2 MIN READ

Australia: 16-year limit for Tiktok

Melania Trump calls for unity
1 MIN READ

Melania Trump calls for unity

Zelensky: USA's leadership is crucial
1 MIN READ

Zelensky: USA's leadership is crucial

Biden praises Harris: "The best decision I made"
2 MIN READ

Biden praises Harris: "The best decision I made"