Russia's Tax Code Overhaul: Progressive Changes and Deep Discussions

The Kremlin announced that proposed revisions to Russia's tax code are necessary and require extensive debate. The finance ministry has recommended additional progressive income tax rates for high earners and increased corporate and extraction taxes for specific sectors. These suggestions align with President Vladimir Putin's prior recommendations.

The Kremlin said on Wednesday that proposed changes to Russia's tax code were part of a serious, much needed initiative that would require deep discussion.

Russia’s finance ministry on Tuesday proposed introducing extra progressive income tax rates for those earning more than 2.4 million roubles ($26,900) annually, as well as raising corporate tax rates and the mineral extraction tax for fertiliser and iron ore producers.

Kremlin spokesman Dmitry Peskov said the proposals were in line with suggestions that President Vladimir Putin had previously made. ($1 = 89.2025 roubles)