Russian Parliament Approves Increased Taxation of Corporate and Personal Income

On 10 July 2024, the Russian State Duma (lower house of parliament) and the Federation Council (upper house) approved the bill submitted by the Ministry of Finance on 3 June 2024 to increase the taxation of personal and corporate income. As previously reported, this includes an increase in the corporate income tax rate from 20% to 25%. Further, the following personal income tax brackets/rates are introduced:

• up to RUB 2.4 million - 13%
• over RUB 2.4 million up to RUB 5 million - 15%
• over RUB …