Russian business braces for more tax hikes, seeks predictability

Russian business braces for more tax hikes, seeks predictability – lobby chief ...Middle East

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MOSCOW, Nov 21 (Reuters) – Russian businesses accept that another round of tax hikes is inevitable as the government seeks to rein in a ballooning budget deficit but they want more predictable fiscal policies, the head of the country’s top business lobby said on Tuesday. The costs of the conflict in Ukraine have placed growing strains on state finances. A government document seen by Reuters in August showed Russia has doubled its 2023 defence spending target to over $100 billion, or a third of all public spending. The Russian government has already raised taxes, including introducing a one-off windfall tax on big business, aimed at raising 300 billion roubles ($3.34 billion) to help financ

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Last updated : 21 Nov 2023 clock 04:13 PM

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Russian business braces for more tax hikes, seeks predictability – lobby chief ...Middle East

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