Putin proposes hiking income tax to 15% for wealthy Russians from January

Russian President Vladimir Putin on Tuesday proposed changing the annual rate of income tax from 13% to 15% for wealthy citizens on their earnings above 5 million roubles ($72,833) a year.

Speaking during a televised address to the nation, Putin said the changes could come into effect on Jan. 1, 2021, and would bring an additional 60 billion roubles to Russia's budget. ($1 = 68.6500 roubles)