Zenith Bank Plc, in a significant move to meet the Central Bank of Nigeria’s (CBN) new minimum capital requirement of N500 billion, is offering...
Vous n'êtes pas connecté
Russian President Vladimir Putin on Friday signed a bill that raises income taxes for the rich, part of efforts to help fill government coffers depleted by the war in Ukraine. The tax hikes were being presented domestically as "systemic reforms".Russian President Vladimir Putin on Friday signed off on a package of tax rises worth almost $30 billion, tapping workers and companies to contribute funds for his Ukraine offensive.Moscow's spending has outrun revenue by tens of billions of dollars since it ordered troops into Ukraine in February 2022, helping the economy defy expectations of a deep recession but also pushing it into rare budget deficits.Russia ran a budget deficit of around 3.2 trillion rubles ($36 billion) in 2023, equivalent to two percent of GDP.Putin on Friday signed into law a set of amendments to Russia's tax code that includes increases on income taxes for high earners and corporate taxes paid by businesses in a bid to help plug the fiscal hole. They were passed by Russia's rubber-stamp parliament earlier this week."The changes are aimed at building a fair and balanced tax system," Finance Minister Anton Siluanov said when the proposed changes were laid out in May.He said the extra funds would bolster Russia's "economic well-being" and go towards a series of public investment projects.The tax hikes -- which are being presented domestically as "systemic reforms" -- will raise around 2.6 trillion rubles ($29 billion) in 2025 when they come into force, the finance ministry estimates.Russia has budgeted for a 1.1-percent shortfall this year -- modest compared to many countries.But with Russia locked out from Western financial markets and around $300 billion of its foreign currency reserves frozen by sanctions, Moscow's public finances are a key indicator of how long and how aggressively the Kremlin can fund its military campaign on Ukraine.Russia has dipped into its sovereign wealth fund and borrowed from state-owned banks to cover the deficit over the last two years.Spending on defense and security has ballooned to more than eight percent of Russia's GDP, Putin said in May.He called the state's military budget a "great resource" that should be used "carefully and effectively."Moscow offers its soldiers fighting in Ukraine huge salaries and benefits, and has also pumped resources into domestic weapons' manufacturers as its offensive in Ukraine has dragged into its third year and looks locked in a state of attrition.(AFP)
Zenith Bank Plc, in a significant move to meet the Central Bank of Nigeria’s (CBN) new minimum capital requirement of N500 billion, is offering...
Ukraine has received a grant worth $3.9 billion from the United States via the World Bank program. This was announced by Ukrainian Prime Minister...
For the richest among us, life on Earth can sometimes get rather boring. But worry not for our world’s deepest pockets. At least five firms...
The Governor of Edo State, Mr Godwin Obaseki has signed the revised 2024 Appropriation Bill in the sum of four hundred and fifty billion naira into...
ACEN Corp. announced on Thursday that its net income jumped by 49 percent year-on-year to P6.3 billion in the first half due to the 42-percent...
Kaieteur News – United States oil giant ExxonMobil Corporation has reported an increase in its income tax expenses for the second quarter of 2024,...
Russia’s Lipetsk region has been struck by a “massive” Ukrainian drone attack, according to its governor, as Ukraine’s cross-border assault...
Based on an order from the supreme leader of the Islamic Emirate of Afghanistan (IEA), a discount has been announced in fixed and income taxes for...
Dangote has continued to attract huge forex into the country through his pan-African operations as the half-year result for Dangote Cement indicates...
Conglomerate Metro Pacific Investments Corp. (MPIC) on Monday said its consolidated core net income in the first half jumped 27 percent to a record...