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Russia to raise taxes on wealthy persons and companies to fund Ukraine war

The Russian Finance Ministry has proposed significant tax hikes on corporations and wealthy individuals to raise approximately 2.6 trillion rubles annually, aiming to mitigate the fiscal deficit caused by the war in Ukraine.

byOlena Mukhina

29/05/2024

2 minute read

russia aims erode ukraine support us 2024 election meddling officials say view st basil's cathedral red square moscow 17 march 2020 sefa karacan/anadolu agency - re

A view of St. Basil’s Cathedral at the Red Square in Moscow on 17 March 2020. Source: Sefa Karacan/Anadolu Agency

Russia to raise taxes on wealthy persons and companies to fund Ukraine war

Russia has announced plans to raise taxes on businesses and wealthy persons as it seeks ways to find additional revenue to fund its war in Ukraine, as per Al Jazeera. Moscow is preparing to wage a long-term war against Ukraine, and the latest change of Russia's Defense Minister Sergei Shoigu to Andrei Belousov, known as a professional economist with no military background, is one of the indications of that. Apparently, Russian ruler Vladimir Putin made a bid to increase the capabilities of the domestic defense industry while Western aid comes to Kyiv too slowly. The new amendments are expected to raise about $29 billion a year. According to Russian Minister of Finance Anton Siluanov, the extra funds would bolster Russia’s "economic well-being." They would come into force from 2025. Siluanov said the changes would affect 2 million people, and refunds would be given to families with two or more children. The corporate tax will rise to 25% from 20%, adding $18 billion to the budget in 2025 and $125,3 billion by 2030. Soldiers fighting in Ukraine would be offered exceptions from the tax regime. Meanwhile, Josep Borrell, the High Representative of the European Union for Foreign Affairs and Security Policy, said Putin is attempting to undermine the upcoming Global Peace Summit in Switzerland.

Russian strikes and propaganda target Global Peace Summit in Switzerland, says Borrell

Ukraine is organizing the summit to establish a joint position on how to end Russia’s war based on President Zelenskyy’s Peace Formula. Ukraine anticipates leaders and top diplomats from 90 other states to attend the event. Read also:

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