Russia Proposes New Taxes on Wealthy and Corporations to Fund Ukraine War

The Finance Ministry's plan aims to generate $29 billion annually through progressive income and corporate tax increases starting in 2025.

The new tax system introduces higher rates for individuals earning over 2.4 million rubles annually, with the top rate of 22% for incomes above 50 million rubles.
Corporate tax rates will rise from 20% to 25%, expected to significantly boost government revenue.
The tax changes are part of efforts to address Russia's budget deficit, which has grown due to the ongoing war in Ukraine.
The amendments are set to impact around 2 million people, or 3.2% of the workforce.
Exceptions will be made for soldiers fighting in Ukraine, who will be exempt from the new tax regime.