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Putin proposed to increase personal income tax for citizens with incomes above 5 million rubles

Putin proposed to increase personal income tax for citizens with incomes above 5 million rubles
Photo by: kremlin.ru
Citizens whose income exceeds five million rubles a year will pay personal income tax in the amount of 15%. Such a proposal was voiced by Russian President Vladimir Putin during his address to the Russians. The increased rate will become effective from January 1, 2021.

As the head of state specified, it is supposed to tax only that part of the income that exceeds five million rubles. This will allow replenishing the federal treasury an additional 60 billion rubles annually.

The president proposed to “color” the funds received and direct them to treatment of children with severe and rare diseases, the purchase of expensive drugs and rehabilitation tools, and high-tech operations.
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