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Russia to increase taxes on companies and wealthy individuals to further fund war against Ukraine

by Sonya Bandouil May 30, 2024 2:40 AM 1 min read
Russian Finance Minister Anton Siluanov during President Vladimir Putin's meeting with the Federal Assembly on Feb. 21, 2023, in Moscow, Russia. (Contributor/Getty Images)
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The Russian Finance Ministry has proposed substantial tax increases on corporations and wealthy individuals to generate about 2.6 trillion rubles annually, to address the fiscal deficit following the full-scale invasion in Ukraine.

This move aims to fund the war further, which has already cost Russia more than $211 billion.

The tax changes, expected to be implemented in 2025, will raise approximately $29 billion yearly and impact around 2 million people.

Exceptions will be made for soldiers, and families with multiple children will be given refunds.

The corporate tax rate will increase from 20% to 25%, contributing an additional $18 billion to the budget in 2025 and $125.3 billion by 2030.

The U.K. Defense Ministry suggested in November 2023 that Russia's economy was "at risk of overheating" due to increased military spending, shortages in the labor market, and growing inflation.

Russia's economy has nonetheless remained more resilient than expected, although it is increasingly dependent on fewer trade partners than before the full-scale invasion.

US accuses China of ‘every support’ for Russia’s war in Ukraine, threatens more sanctions
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