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Russia proposes tax hikes on mining and gold to fund military spending
The Russian government has proposed a series of tax increases for the 2027-2029 period to fund rising military expenditures and address a projected budget deficit. According to documents from the Ministry of Finance, the deficit is expected to reach approximately 2.2% of the country's GDP.
Key measures include higher taxes on the extractive sector. Specifically, the Ministry has proposed a 20% tax on gold sales revenue, while certain mining companies and fertilizer producers could face a tax rate of 30%. The reforms are also intended to target investors, savers, and metallurgical companies, as well as capital from countries deemed ‘unfriendly’ by Moscow.
The revenue is earmarked for the modernization of defense enterprises, the procurement of military equipment, and providing financial support and compensation to military personnel and their families. This fiscal tightening comes as Russia continues to sustain high levels of spending related to its ongoing military operations in Ukraine.
Entities
Anton Siluanov · Dmitri Peskov · Russia · Russian Ministry of Finance · Vladimir Putin
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] The government plans to introduce a 20% tax on gold sales revenue. denar.mk
- [○ 1 SOURCE] Certain mining companies and fertilizer producers will face a 30% tax rate. denar.mk
- [○ 1 SOURCE] Tax reforms will target savers, investors, mining and metallurgical companies, and foreign trade operations. www.santotomealdia.com.ar
- [● 4 SOURCES] The projected budget deficit for the 2027-2029 period is estimated at 2.2% of GDP. www.santotomealdia.com.ar · news.yam.md · www.elfinanciero.com.mx · www.finanznachrichten.de
- [● 5 SOURCES] The Russian Ministry of Finance proposed a budget plan for 2027-2029 to fund defense and security needs. denar.mk · www.santotomealdia.com.ar · news.yam.md · www.elfinanciero.com.mx · www.finanznachrichten.de