![]() In fact, it's arguable than more Russian money has traveled west than western money traveling to Russia in the past year.Ī move to increase the top tax rate to 30% would both move the tax system closer to a progressive tax scheme (like the one in the US) as well as put Russia's tax rates on par with other countries in the G8 (er, G7 since Russia was excluded earlier this year). That didn't quite happen like Rogozin expected. When they learn about it, we expect a mass migration of wealthy Europeans to Russia." Roughly translated, that means: "The West has an especially poor knowledge of our tax system. In response to Depardieu's public move, Russian Deputy Prime Minister Dmitry Rogozin posted on The flat rate attracted global attention in 2013 when French actor Gerard Depardieu publicly denounced French President Hollande's millionaire’s tax and sought out a new tax home in Russia. On January 1, 2001, the flat tax rate was implemented under President Vladimir Putin with many hailing it as a massive success. Russia hasn't always had a flat tax: the old system was a progressive system with a top tax rate of (wait for it.) 30%. Russia currently imposes a flat tax of just 13% on income, making it extremely tax advantageous. The funds would be used to develop Crimea and Sevastopol, a move that has led Krutov to call the tax a "solidarity tax" in a nod to a similar tax in Germany after the fall of the Berlin Wall. The proposal, if implemented, would bring in nearly 300 to 500 billion rubles (US $8.6–14.3 billion) in the first year alone. The bill would target taxpayers making 12 million rubles per year (currently US $344,069.25) and would boost the top rate to 30%. ![]() ![]() Andrey Krutov, an MP in the Fair Russia party, has plans to introduce a bill that would impose an additional tax on Russia's top earners. Also making news is the prospect of higher taxes. That's not the only thing that has wealthy tongues wagging.
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