Russia proposed to increase taxes on companies and the wealthy, potentially adding US$30 billion to next year's budget, allowing Moscow to increase spending, including on the war in Ukraine, while maintaining fiscal stability. The proposed tax hikes, announced by the finance ministry, target the wealthiest and aim to address national issues, reduce inequality, and support regional development.

The changes will support President Vladimir Putin's infrastructure and social spending pledges worth over 11.5 trillion roubles without altering Russia's budget rule. This leaves funds available for defense and security, with planned budget spending at 36.6 trillion roubles in 2024, more than double the 2019 level.

New taxes include higher progressive income tax rates, a 5% corporation tax increase, and new mineral extraction taxes, expected to bring an additional 2.6 trillion roubles in 2025 and 17 trillion roubles by 2030. The finance ministry sees no risk to budget fulfillment from these adjustments and anticipates increased spending next year, provided the economy remains stable.