Putin Heavily Increases Taxes to Fund Continuation of War Against Ukraine
The bloody campaign against Ukraine is costing the Russian state billions. President Putin has signed legislation to raise an additional 27 billion euros annually. High earners and businesses are set to pay more. In an effort to secure additional revenue to finance the war against Ukraine, Russian President Vladimir Putin has signed legislation that includes significant tax increases. Putin signed a series of tax law amendments on Friday, which include raising income tax rates for high earners and corporate tax rates for businesses. According to the Finance Ministry’s estimates, these increases will generate approximately 27 billion euros annually.
Putin’s New Tax Laws
The plans were introduced by the Finance Ministry in May. The legislative amendments were passed by the parliament earlier this week. Finance Minister Anton Siluanov stated in May that the changes, referred to as “system reforms” in the country, aim for a “fair and balanced tax system.” The additional funds are intended to promote Russia’s “economic well-being” and will be allocated to various public investment projects. Since the Russian troops invaded Ukraine in February 2022, state expenditures have…
