As the war in Ukraine drains the Kremlin's coffers, the government is scrambling to find new ways to finance it. After nearly three decades with most Russians paying just 13% in taxes, Vladimir Putin is eyeing a radical shake-up.
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Signs of Russia’s so-called special military operation are everywhere in Moscow, from roadside recruitment adverts to Z-themed souvenirs.
“It seems like the tax reform is a tool to move the economy from butter toward guns,” Alexander Kolyandr, a non-resident senior fellow at the Centre for European Policy Analysis, said.
Read more:Putin ready to ‘freeze the war’ - sourcesThames Water fined £40m over dividend paymentSlovak PM out of hospital after assassination attempt
The move simplified a previously complicated tax regime which few adhered to and it successfully boosted revenues - and his popularity - as a result.
Now the finance ministry wants to lower the threshold for the 15% rate, so it applies to annual incomes from 2.4 (around £20,800) to five million roubles, and introduce more bands above.
“I think they don’t have enough money for the special military operation, that’s why they’re introducing it,” Sergei told Sky News in Moscow.
The original article contains 553 words, the summary contains 151 words. Saved 73%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Signs of Russia’s so-called special military operation are everywhere in Moscow, from roadside recruitment adverts to Z-themed souvenirs.
“It seems like the tax reform is a tool to move the economy from butter toward guns,” Alexander Kolyandr, a non-resident senior fellow at the Centre for European Policy Analysis, said.
Read more:Putin ready to ‘freeze the war’ - sourcesThames Water fined £40m over dividend paymentSlovak PM out of hospital after assassination attempt
The move simplified a previously complicated tax regime which few adhered to and it successfully boosted revenues - and his popularity - as a result.
Now the finance ministry wants to lower the threshold for the 15% rate, so it applies to annual incomes from 2.4 (around £20,800) to five million roubles, and introduce more bands above.
“I think they don’t have enough money for the special military operation, that’s why they’re introducing it,” Sergei told Sky News in Moscow.
The original article contains 553 words, the summary contains 151 words. Saved 73%. I’m a bot and I’m open source!