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RUSSIA: Finance Ministry Plans Tax Hikes on Businesses

RUSSIA
  • Russia's Finance Ministry has submitted a package of tax amendments to the government that include new tax rates on personal and corporate income, among other changes. The plan would introduce a new progressive income tax while the tax rate for corporate profits would rise to 25% from 20%, starting in 2025, Interfax reported. The entire package would raise an additional RUB 2.6trln ($29.4bn) in 2025, with over a half of that coming from higher corporate profits tax.
  • According to Bloomberg, EU defense ministers are debating whether to allow Ukraine to strike targets deeper inside Russian territory with weapons that have been sent by member states. Russian President Putin warned the West that NATO members in Europe were playing with fire, and that the proposals could trigger a global conflict.
  • With prices for key Russian export commodities increasingly deviating from average global indicators, the Price Index Center on Tuesday unveiled its own commodities index, calculated based on export prices for commodities that are relevant for Russia, Kommersant report.
  • Industrial production data for April (Est: +4.0% y/y; Prior: +4.0%) will cross at 17:00BST/19:00 local time.
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