"Russia plans to raise tax to fund its defence budget as oil revenues decline. Despite Western sanctions, Russia's military spending has fuelled its war economy. Three years into the war in Ukraine, growth is stalling, energy revenues are plunging, and the budget deficit is widening. To shore up state coffers, Russia is raising the value-added tax from 20 percent to 22 percent, among other measures."
"To shore up state coffers, Russia is raising the value-added tax from 20 percent to 22 percent, among other measures. The Ministry of Finance says funds will mainly cover defence and security spending. The plan came a day after United States President Donald Trump said Russia was in big economic trouble, but is it? Can the United Kingdom's Labour Party deliver on its economic promises? Plus, will the Africa-US trade pact, AGOA, be renewed?"
Russia faces declining oil and energy revenues while economic growth stalls three years into the war in Ukraine. Western sanctions coexist with sustained military spending that has fuelled a war economy and widened the budget deficit. The government plans to raise the value-added tax from 20 percent to 22 percent and implement other measures to shore up state coffers. The Ministry of Finance states the additional revenue will mainly fund defence and security spending. The move follows a high-profile comment on Russia's economic trouble and raises questions about UK Labour's economic promises and AGOA renewal.
Read at www.aljazeera.com
Unable to calculate read time
Collection
[
|
...
]