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Russia has proposed increasing taxes on the profits of companies from "unfriendly" countries and on gold and mineral producers to boost revenue and reduce the budget deficit, which is estimated at 2.2% of GDP in 2027. This comes amid ongoing the Ukrainian war and declining oil and gas revenues. The proposals include raising the tax on dividend distributions to investors from those countries from 15% to 35%, as well as imposing taxes on extraordinary profits made by mineral producers and deposit operators. These measures, which have not yet been implemented, are expected to generate revenue equivalent to about half a percentage point of GDP, but they alone are not sufficient to fill the ongoing deficit.
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