look news india
Russian President Vladimir Putin today signed a bill to increase taxes on the wealthy in an effort to raise funds amid the war in Ukraine. Let us tell you that this bill was passed in Parliament two days ago.
The bill provides for a 13 percent tax on income up to 24 lakh rubles ($27,500). However, the tax rate will increase on income above this. The maximum tax rate will be 22 percent on income above five crore rubles ($5,73,000).
Putin has said that the tax hike will not affect more than 3.2 percent of the country's population. This bill also has a provision to increase company income tax from 20 percent to 25 percent.
This increase in taxes will increase government revenues by 2.6 trillion rubles ($29 billion) in 2025.
It is worth noting that 13% tax was implemented in the year 2000. This time Putin won the election for the first time.
Tax rules were changed in 2021. According to which, 15 percent tax was imposed on people earning more than 50 lakh rubles.