Russia to raise tax on the rich

RUSSIA / FSU POLITICS - In Brief 23 Jun 2020 by Alex Teddy
On June 23 Putin announced that tax on those earning over USD 73 000 a year will rise. Incomes over USD 73 000 will be taxed at 15%. The system will take effect from January 1 2021. Until now the country had a 13% flat income tax. Rumors of this have been circulating for a few days. Higher taxes will drive some abroad. The country is already suffering a brain drain.The change will bring in an expected USD 875 million a year in additional revenue. This will all be spent on children's health the president said. The economy has taken a battering from coronavirus so extra revenue was badly needed. The announcement came a week before the constitutional referendum. Higher taxes on the rich will go down well with the working class.

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