The aggressor country, Russia, is raising taxes to continue financing the war against Ukraine.
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In 2025, the corporate tax rate will increase from 20% to 25%, in addition, additional penalties will be introduced. The maximum income tax rate in Russia will increase from 15% to 22%. These tax configurations will provide additional revenue to the Russian budget in the amount of about 2.6 trillion rubles. ($29 billion). The UK Ministry of Defense announced this on the social network X on June 16.
The British note that Moscow uses this additional income to finance growing government spending. Russian government spending is expected to increase by about 15% in 2024. It is possible that these costs will increase.
Spending growth is almost certain to continue into 2025 as defense spending is likely to rise along with social and infrastructure spending, it said.
The summary states that increasing the tax burden on Russian businesses will limit future investment and growth in non-military sectors.
Let us recall that in May the media reported that Russia began to buy securities of the Indian government, invest in Indian infrastructure projects, and buy shares of an Indian company. However, due to the inability to make transactions in dollars or euros under Western sanctions, the Russian Federation and India switched to settlements in rupees.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.