They will change income tax in Russia 22:02

As part of improving the tax system in Russia, the Ministry of Finance proposes to increase income tax from 20% to 25%. This is stated in the ministry’s materials.

The share of profitable companies in the Russian economy increased from 73.9% in 2022 to 75.3% in 2023, the materials say. Many industries have moved from the consistently unprofitable category to the profitable one.

The document emphasizes that the current tax rate (20 percent) is one of the lowest among developed economies. In the US, the income tax rate is 21% (+ state tax), 25% in Argentina, the Netherlands, China and Iran, 38% in Canada and 30% in Australia.

Billionaire Vladimir Potanin supports increasing income taxes, while big companies have said they are ready for higher wages.
On May 28, the Ministry of Finance submitted to the government of the Russian Federation a package of draft laws containing amendments to the 2024 budget law and the planning period of 2025 and 2026, as well as amendments to the Tax and Budget Laws. The proposals will be evaluated in the commission on legislative activities and then in the government meeting. The amendments are planned to be adopted by the State Duma in its spring session, which will ensure the implementation of the instructions contained in the president’s message to the Federal Assembly on February 29, 2024.

In his speech to the Federal Assembly, Russian President Vladimir Putin ordered the redistribution of the tax burden “to those with higher personal and corporate incomes.”

Previously in Russia offered Change personal income tax.

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Source: Gazeta

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