Russia, Putin indicators the legislation that will increase taxes for the wealthy

Russian President Vladimir Putin has signed a legislation that will increase earnings taxes on the rich. A measure aimed toward replenishing the monetary coffers whereas the struggle in Ukraine is raging. The legislation gives for a progressive tax on the earnings of pure individuals, representing an necessary change in comparison with the flat charge, which was launched in 2001. The textual content establishes a tax of 13% for earnings as much as 2.4 million rubles (over 25 thousand euros). within the 12 months. For these above this stage, an more and more larger tax charge applies, as much as a most of twenty-two% for earnings above 50 million rubles (over 521 thousand euro). The invoice additionally requires a rise within the company earnings tax charge from 20% to 25%. It’s estimated that the tax reform will convey 2,600 billion rubles (greater than 27.1 billion euros) in extra federal earnings in 2025.