UAE News

President Putin raises tax for rich Russians forward of vote on his rule

President Vladimir Putin raised earnings tax for rich Russians and provided new state handouts to households with youngsters on Tuesday, days earlier than the nation votes on reforms that might preserve him in energy till 2036.

In a televised speech to the nation, Putin, 67, stated Russia’s response to the coronavirus disaster had saved tens of 1000’s of lives and he ordered the extension of a number of assist measures to cushion the financial fallout.

Deviating from a flat 13 % tax he himself launched nearly 20 years in the past, Putin stated the rich would now pay 15 % on annual earnings over 5 million roubles ($72,833) and that the extra money would go in the direction of serving to sick youngsters.

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The transfer, to be launched from January, is more likely to play properly with voters pissed off by years of falling incomes. Many additionally dislike the category of rich businessmen which sprang up after the collapse of the Soviet Union.

Putin’s speech got here forward of a seven-day nationwide vote beginning on Thursday by which Russians will approve or reject an array of reforms, together with one that might permit Putin to serve two extra phrases within the Kremlin as an alternative of stepping down in 2024.

Learn extra:

Russian senators go Putin’s constitutional reforms, together with time period extension

Thousands of Russians protest Putin’s rule; Navalny arrested

Putin promised to develop a program to assist households with mortgages and to supply a one-off cost subsequent month of 10,000 roubles for every youngster they’ve aged as much as 16, measures he stated would assist them climate the fallout from the coronavirus disaster.

Russia, which has registered the world’s third largest variety of coronavirus circumstances, has largely ended its lockdown, however the disaster is anticipated to trigger a 6 % financial contraction this yr.

Putin additionally proposed slicing tax on IT firms’ revenue to three % from 20 %. Although quick on particulars, the proposal prompted Russian web large Yandex’s shares to rise greater than three %.


Final Replace: Tuesday, 23 June 2020 KSA 20:57 – GMT 17:57

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