Daily Tax Report ®

Putin’s Virus Stimulus Comes With a Tax on Rich Russians (1)

March 26, 2020, 9:09 AM

As governments the world over ramp up stimulus to deal with the fallout from coronavirus, Russian President Vladimir Putin is using the global pandemic as an excuse to tax the rich.

In a televised address on Wednesday, Putin laid out plans to boost taxes on dividends paid to offshore entities to 15% from 2% and ordered a 13% levy on interest from bank deposits of more than 1 million rubles ($12,600) as well as local government-bond holdings. The measures are needed to help fund support for industries and individuals most affected by the virus, he said.

“Essentially, what Putin meant...

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