The illegitimate State Duma has passed a law that could increase Russia’s revenues by $30 billion in 2025 through taxes.
The lower house of the illegitimate Russian parliament approved a law on Wednesday, July 10, that raises taxes on individuals and businesses. This was reported on the State Duma’s website.
Starting in 2025, Russia will implement a differentiated personal income tax rate.
The current tax rate remains at 13% only for incomes up to 2.4 million rubles per year (approximately $27,000 at the current exchange rate). Any income above this threshold will be subject to higher rates, which can reach up to 22%.
Russian lawmakers also passed a law to increase the corporate profit tax to 25%.
According to Reuters, these tax increases could bring Russia about $30 billion in additional revenue in 2025, allowing for increased spending and funding of the war against Ukraine without compromising financial stability.
The bill still needs to be voted on by the upper house of parliament, but in Russia, this is usually a formality.