In favor of the poor: why Russia needs a tax on income from large bank deposits / Izvestia.ru
Russia’s state budget could collect about 150 billion rubles from the implementation of the measures announced by the President to tax interest income from large deposits and investment accounts. Such calculations have been made specially for the newspaper “Izvestia” by the National Rating Agency. In his speech, Vladimir Putin promised that all additional income is going to be used to help people with children and those who have found themselves in a difficult financial situation due to the coronavirus pandemic. Experts believe that this actually signifies the first serious round in the redistribution of the tax burden depending on people’s welfare.
Andrey Gusev, Managing Partner at Borenius Russia, commented on the situation for Izvestia from the point of view of double taxation.