Vladimir Putin on Tax Reform

	Vladimir Putin on Tax Reform

Raise tax to 15% for income over 5 million rubles ($72,000)

Putin has proposed raising income tax on high earners. The president proposed that the tax be raised by 2 percentage points to 15 percent for annual personal income that exceeds 5 million rubles ($72,700) starting January 1, 2021. The hike is lower than what some officials had been calling for in recent years. The current 13 percent income tax for all citizens was introduced during Putin's first presidential term in 2001 and has remained unchanged ever since. Source: Radio Free Europe on Foreign Influencers , Jun 23, 2020

Increased mineral extraction tax three times in a year

Putin said that Russia will raise a mineral extraction tax (MET) on metals producers in 2022. The idea to withdraw excess profits from mining firms was introduced by Deputy Finance Minister Alexei Sazanov. It would be the third tax increase for the Russian metals and mining industry since the start of this year, when the government raised the MET export tax for metals firms. Source: Reuters News Service on Foreign Influencers , Aug 6, 2013

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Page last updated: Mar 17, 2022