Russian parliament approves proposal to raise income tax for the wealthy ...Middle East

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Russian parliament approves proposal to raise income tax for the wealthy
Russia's parliament on Thursday gave preliminary approval to a bill that outlines higher income taxes for Russia's wealthy elite. The bill, which was passed in the first of three readings in the State Duma, Russia's lower parliament house, comes as Moscow continues to spend vast amounts of money on the military campaign in Ukraine. The proposal involves a progressive tax on personal incomes and represents a change of course from the current flat-rate tax that was credited with bringing order and improving tax collections after it was introduced in 2001. It envisages imposing a 13% tax for incomes of up to 2.4 million rubles ($27,500) a year. For incomes over that amount, a steadily higher ta

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