Putin raises taxes on top earners

Russia will raise taxes for the top earners beginning in 2021 according to remarks given by President Vladimir Putin in a speech. As of January 1, 2021, Russians will pay 15 percent tax on all income above RUB 5m (€64,000) per annum. Putin proposed to use the proceeds to treat children with severe and rare diseases. The announcement comes just before Russians head to the polls to vote in a nationwide referendum on controversial constitutional changes that would give Putin the right to stay in power until 2036. During the speech Putin also announced Russia will extend a number of other benefits for households and businesses which have been introduced since the outbreak of the coronavirus pandemic.