Russian lawmakers approve tax hike bill to boost economy as the war with Ukraine nears 4 years

Russian lawmakers approve tax hike bill to boost economy as the war with Ukraine nears 4 years Russian lawmakers have endorsed new tax hikes as Moscow tries to boost its economy during its almost four-year war with Ukraine. Legislators in Russia’s lower house of parliament the State Duma on Tuesday approved a bill that will raise value-added tax from 20% to 22% in its key second reading. The changes are expected to add as much as 1 trillion rubles or about $12.3 billion to the state budget. The new legislation also lowers the income threshold for businesses required to collect VAT which will hit many of Russia's small businesses.