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Reforms to Personal Income Tax Will Boost Revenues, Harm Other Macro Indicators

RUSSIA
  • Kommersant report that the expansion of the progressive scale for personal income tax being considered by the Russian government will boost budget revenues but will have a negative impact on virtually all of the country's macroeconomic indicators, Ranepa and Gaidar Institute economists found. Analysts forecast earlier that the tax reform could raise revenues by RUB 2trln per year.
  • Moscow Exchange, the operator of the digital financial assets exchange, expects the market to grow 70-140 times by 2027-2028, from the current RUB 70bln to RUB 5-10trln, Vedomosti report.
  • Looking ahead, industrial production and current account balance data are the highlights on the local slate later in the week. There are no economic releases scheduled for today.
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