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The Russian Ministry of Finance proposes increasing VAT from 20% to 22% to finance military expenses in the context of the war in Ukraine.
Matei Gaginsky
International
Foto: Mikhail Klimentyev/Kremlin Pool / Zuma Press / Profimedia
The Russian Ministry of Finance has announced its intention to increase the value-added tax from 20% to 22% in 2024, as part of efforts to cover military expenses in the fourth year of the conflict with Ukraine. President Putin has shown openness to raising taxes to support state funding during wartime. The proposal aims to ensure the necessary resources for national defense, payment of military personnel salaries, and support for their families, as well as modernization of the defense industry.
Sources
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