Russia introduces tax for rich

The law on increasing the personal income tax rate (PIT) from 13% to 15% on income exceeding five million rubles a year was introduced in Russia.

Simultaneously, the tax rate of 13% will remain for individuals' income from the sale of the property and its shares, as well as income in the form of the value of property, received as a gift.

In addition, the rate will remain for taxable income that is received as insurance payments under insurance contracts and pension benefits.