The Russian Parliament's lower house, the Duma, finally approved on Wednesday tax increases proposed by the Ministry of Finance, which will include increasing progressive income tax rates, increasing corporate tax to 25% from 20%, and imposing new taxes on mineral extraction.
The tax hikes, mostly targeting corporations and the wealthy, could add an additional $30 billion to Russia's budget revenues next year, which would allow Moscow to increase spending and finance its war in Ukraine without compromising financial stability.
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