Russian lawmakers approve tax hike bill to boost economy as the war with Ukraine nears 4 years

Russian lawmakers endorsed new tax hikes on Tuesday as Moscow looks for new revenue sources to boost its economy during its nearly four-year war with Ukraine. Legislators in the lower house of parliament, the State Duma, approved the key second reading of a bill that will raise value-added tax from 20% to 22%. The new legislation also lowers the threshold for businesses required to collect VAT from 60 million rubles (about $739,000) in annual sales revenue to 10 million rubles (about $123,000).