Russia: Pols approve increase in income tax on wealthy

Source: ABC News

“Russia’s parliament on Wednesday approved a bill that would raise income taxes for the rich, in a move to help fill government coffers during t he fighting in Ukraine. The bill was endorsed in the final third reading by the lower house, the State Duma, and hours later by the upper house, the Federation Council. It must be signed by President Vladimir Putin to become law. The legislation, which envisages a progressive tax on personal income, is a major change of course from the flat-rate tax that was widely credited with improving tax collections after it was introduced in 2001.” (07/10/24)