- Russia’s economy is slowing after two years of growth driven by military spending.
- The Kremlin is increasing the value-added tax from 20% to 22% to raise about 1 trillion rubles (USD 12.3 billion).
- Additional taxes are being imposed on businesses, alcohol, tobacco, and various services.
- These measures aim to offset revenue shortages caused by declining oil income and international sanctions.
- The government faces tough choices between funding military efforts and supporting consumer welfare.
Source: devdiscourse.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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