defence spending

COMMENT: Russian tax hikes – important but not large enough

by
COMMENT: Russian tax hikes – important but not large enough

Russia has announced changes to its tax system, moving from a flat to a progressive system by 2025. The upper rate of income tax will rise from 15% to 22% and for corporate taxes from 20% to 25%. These changes are expected to reduce the budget deficit caused by increased military spending but may not be enough to prevent economic overheating. The tax hikes are modest compared to military and defense spending, which is 6% of GDP and rising. The overall fiscal stance remains expansionary, challenging the central bank’s efforts to combat inflation. Russia’s budget deficit is expected to halve this year and remain flat in 2025, while growth forecasts vary with some predicting modest growth and others more upbeat figures.

COMMENT: Russian tax hikes – important but not large enough

by
COMMENT: Russian tax hikes – important but not large enough

Russia has announced changes to its tax system, including a shift to a progressive income tax system in 2025, with the upper rate increasing from 15% to 22% and corporate taxes from 20% to 25%. These changes are expected to reduce the budget deficit caused by increased military spending.

Poland to spend around $2.5 bln on securing eastern border, says PM

by
Poland to spend around $2.5 bln on securing eastern border, says PM

Poland is investing 10 billion zlotys in a program to secure its eastern border due to a perceived threat from Russia and Belarus. The program includes building fortifications and enhancing security measures to prevent unauthorized entry. Prime Minister Donald Tusk also plans to discuss financing for the European Sky Shield Initiative with the European Investment Bank.

EU excess profit tax could generate over €100 billion per year, study finds

by
EU excess profit tax could generate over €100 billion per year, study finds

Fact: A permanent tax on European companies’ excess profits could generate more than €100 billion per year, or over half of the EU’s annual budget.

Labour victories in key UK mayoral polls deal fresh blow to Sunak

by
Labour victories in key UK mayoral polls deal fresh blow to Sunak

Labour Party won mayoral polls in London and central England, with Sadiq Khan being re-elected as London mayor and Labour also winning in the central West Midlands region.

Voters head to polls in last test for Sunak before national election

by
Voters head to polls in last test for Sunak before national election

English voters headed to polling stations on Thursday to pick mayors, councillors, and a new lawmaker in the last electoral test for British Prime Minister Rishi Sunak before a national vote later this year.

Russia may be ready to attack NATO in 5-8 years, German official says

by
Russia may be ready to attack NATO in 5-8 years, German official says

Russia could potentially be prepared to launch an attack on NATO countries in five to eight years, according to Germany’s top military official, Lieutenant General Carsten Breuer. This readiness would come after Russia rebuilds its forces following the impact of the Ukraine war. President Vladimir Putin has denied any intentions of attacking NATO countries, but tensions remain high. Russia currently controls almost a fifth of Ukrainian territory and is increasing its military capabilities. Germany’s chief of defense emphasized the need for NATO to be prepared for a potential threat from Russia in the next five to eight years.

Ottawa moves to raise inclusion rate on capital gains taxes in 2024 budget – BNN Bloomberg

by
Ottawa moves to raise inclusion rate on capital gains taxes in 2024 budget - BNN Bloomberg

The federal government announced intentions to raise the inclusion rate on capital gains taxes for corporations and individuals earning beyond a certain threshold, which will impact wealthy individuals who are benefiting from tax advantages not available to middle class Canadians, according to the Budget 2024.

Former Labor minister calls for major tax shake-up

by
Former Labor minister calls for major tax shake-up

David Bradbury, the OECD’s departing tax executive, believes Australia needs a new review of tax and spending across the federation to implement difficult reforms.