INSUBCONTINENT EXCLUSIVE:
Russia could increase taxes for the first time because the intrusion of Ukraine to help plug a hole in the state spending plan, independent
media outlet The Bell reported Wednesday, pointing out sources knowledgeable about the discussions.The Russian Union of Industrialists and
Entrepreneurs (RSPP) has proposed raising the present 20% income tax on Russian companies by 0.5 portion points, according to The Bell.The
initiative was supposedly a counter-proposal following Prime Minister Mikhail Mishustins demand that RSPP members pay a one-off amount of
200 billion rubles ($2.8 billion) to the government.Deputy Prime Minister Andrei Belousov told the state-run TASS news agency Wednesday that
the federal government is talking about mandating big organizations to make a one-time voluntary contribution to the budget.Speculation
about possible tax rises has magnified as Russia deals with substantial defense expenses in the middle of the Ukraine war and falling
incomes-- in part the outcome of Western cost caps on Russian oil exports
Russias budget deficit increased to 1.76 trillion rubles ($24.8 billion) in January, the Finance Ministry said Monday, its highest
month-to-month level since 1998
The Russian authorities have stated they expect the overall deficit spending in 2023 to be 2% of GDP
