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From the beginning of next year from 13 to 15 percent. the income tax rate will be increased for income above 5 million. rubles (55,370 euros).
Putin announced these plans in June, a week before the controversial vote on constitutional amendments allowing the president to stay in power until 2036.
The reform should contribute an additional 60 billion to the state budget. rubles, the president said, adding that the funds will finance the treatment of children with “serious and rare” diseases.
The country has had a flat tax rate since 2001, one of the most important reforms Putin has implemented during his first presidency.
The country has been discussing possible modifications to the tax system for several years, including the possibility of tax cuts for those who earn less.
The introduction of a flat tax rate “opened up the possibility of taking wages and incomes out of the shadows, simplifying and making tax administration understandable,” the president said in June.
However, “the modernization of the quality of the administration and the introduction of digital technologies have made it possible to distribute the tax burden differently,” he added.
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