Russia's parliament agrees tax hikes to boost budget amid conflict in Ukraine

(MENAFN) On Wednesday, the lower house of the Russian parliament, the State Duma, granted final approval to a series of tax increases proposed by the finance ministry. These measures include raising progressive income tax rates, elevating the corporate tax rate from 20 percent to 25 percent, and imposing new taxes on mineral extraction. Targeting primarily corporations and the wealthy, these tax hikes are projected to generate an additional USD30 billion in revenue for next year's budget. This influx of funds is intended to enable Moscow to boost spending and sustain its military efforts in Ukraine without jeopardizing financial stability.

The approval by lawmakers in the State Duma followed a thorough review process, marking the third and final stage of consideration for the proposed measures. Typically, the subsequent passage of a bill through the Federation Council, Russia's upper house of parliament, and its subsequent signing by President Vladimir Putin are considered formalities, ensuring the swift enactment of the legislation.

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