Russia Plans Tax Hike on Businesses, Rich as War Costs Mount (1)

Russia said it plans to raise taxes on businesses and the wealthy, targeting a relatively small number of people in what could prove a popular move as the invasion of Ukraine continues to put pressure on government finances.

The Finance Ministry plan would introduce a more robust progressive income tax, while the levy on corporate profits would rise to 25% from the current 20%, according to the Interfax news service, which cited a proposal filed to the government.

From 2025, the level of personal income tax for the highest earners would increase to 22% from 15% currently. Levies on the ...