Russia Plans Tax Hikes to Fund Military Spending
Russia projected a budget deficit and proposed tax hikes to sustain military spending through 2029. The ministry expects rising costs as industrial output contracts.
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Russia projected a budget deficit equal to 2% of GDP for the next three years and proposed sweeping tax hikes to fund military operations. The Finance Ministry submitted the draft to parliament, citing defense as its primary strategic objective. State spending will prioritize weaponry and personnel allowances as costs from the conflict in Ukraine mount.
