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Russia Raises VAT to 22%, Deficit Soars to $50 Billion

9/26/2025

44 7 Full Breakdown

Summary

Story summary

Russia will raise value-added tax from 20% to 22%, reversing a pledge not to raise taxes before 2030.
The budget deficit stands at about 4.2 trillion rubles ($50 billion), nearly four times the 2025 target.
The 2026 draft budget is set for submission on September 29, with minimal changes expected after the president's agreement.

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Story summary

Russia will raise value-added tax from 20% to 22%, reversing a pledge not to raise taxes before 2030.
The budget deficit stands at about 4.2 trillion rubles ($50 billion), nearly four times the 2025 target.
The 2026 draft budget is set for submission on September 29, with minimal changes expected after the president's agreement.