Finance Ministry Unveils 2027 Budget Draft With Fresh Tax Hikes to Fund War Deficit

Live updates

1. 1d ago

   Ghana Finance Minister Dr Cassiel Ato Forson to Present 2027 Budget

   Ghanaian Finance Minister Dr Cassiel Ato Forson will present the 2027 budget on Thursday, November 12, introducing the New Economy programme. The four-year initiative is designed to direct $10 billion into key sectors and shift national focus from economic stabilization to growth, costing 1.5% of gross domestic product annually. Deputy Finance Minister Thomas Nyarko Ampem previously stated the financial plan will convert economic stability into jobs, productive investment, and improved living standards.

   Why it matters

   The upcoming budget presentation marks a crucial test for Finance Minister Dr Cassiel Ato Forson as the government attempts to implement its New Economy agenda. Officials have emphasized that the financial blueprint will demonstrate how recovery efforts translate into employment and better living conditions for citizens. The plan follows prior stabilization measures taken by the administration.

   What is confirmed

   • Ghanaian Finance Minister Dr Cassiel Ato Forson will present the 2027 budget on Thursday, November 12.
   • The New Economy programme is expected to direct $10 billion into key sectors over four years.
   • The New Economy programme is expected to cost 1.5% of GDP annually.
   • Deputy Finance Minister Thomas Nyarko Ampem stated the 2027 Budget aims to convert economic stability into jobs, productive investment, and improved living standards.

   Still unconfirmed

   • Cambodia's draft budget for 2027 would raise spending on defense, security and public order by nearly 14%, to $1.61 billion.

   What to watch next

   • The official presentation of the 2027 Budget Statement by Finance Minister Dr Cassiel Ato Forson on November 12, 2026.
   • Further legislative details regarding the allocation of the $10 billion New Economy programme.
   Sources used for this update (4)

   1. www.nfl.com — 2027 NFL Draft order entering Week 9: Jets holding three of the top 10 picks
   2. ghanaguardian.com — Ghana’s 2027 budget: Ato Forson faces crucial test as ‘New ...
   3. www.businessghana.com — Finance Minister Ato Forson to show how 'Ghana moves forward ...
   4. cambojanews.com — Draft 2027 Budget Boosts Security 14%, Cuts At Least $270M ...
   confidence 100%
2. 4d ago

   Ghana's 2027 Budget to Focus on Job Creation

   Ghana's Deputy Finance Minister Thomas Nyarko Ampem stated that the 2027 Budget aims to convert economic stability into jobs, productive investment, and improved living standards. Finance Minister Ato Forson also mentioned that the budget will show how the US$10 billion New Economy programme will turn recovery into jobs. The budget is due on 12 November 2026.

   Why it matters

   Ghana's 2027 Budget is part of a global trend of governments shaping their fiscal plans, with some countries increasing taxes to fund defense spending and others implementing tax cuts. The budget's focus on job creation is crucial for Ghana's economic growth and stability. The government's strategy will be closely watched by investors and citizens alike.

   What is confirmed

   • The 2027 Budget aims to turn Ghana's economic stability into jobs, productive investment, and improved living standards.
   • The budget will show how the US$10 billion New Economy programme will turn recovery into jobs.
   • The 2027 Budget is due on 12 November 2026.

   What to watch next

   • The presentation of the National Budget for 2027
   • The government's implementation of the New Economy programme
   • The impact of the budget on Ghana's economic growth and job creation
   Sources used for this update (3)

   1. www.myjoyonline.com — 2027 Budget to turn economic stability into jobs — Deputy ...
   2. 3news.com — 2027 Budget will show how recovery becomes jobs - Ato Forson
   3. www.youtube.com — Presentation of the National Budget for 2027 by the Minister ...
   confidence 90%
3. 6d ago

   Global Governments Formulate 2027 Budgets Amid Divergent Fiscal Policies

   Governments worldwide are shaping their 2027 fiscal plans, reflecting contrasting strategies between aggressive revenue drives and targeted tax reductions. While Russia moves to fund defense spending through increased levies, Sri Lankan President Anura Kumara Dissanayake promises additional tax cuts in the upcoming 2027 budget without compromising revenue targets. Simultaneously, Saudi Arabia released its Pre-Budget Statement for fiscal year 2027, projecting expenditures at approximately SAR1,392 billion against total revenues of approximately SAR1,202 billion, resulting in a deficit estimated at around 3.6% of gross domestic product.

   Why it matters

   These 2027 fiscal frameworks illustrate how nations balance domestic economic stimulation against mounting regional security and debt costs. The contrast between expansionary tax reliefs in certain nations and wartime fiscal mobilization elsewhere highlights diverse economic pressures across global markets. Monitoring these budget debates provides insight into national resource allocation and medium-term economic stability.

   What is confirmed

   • President Anura Kumara Dissanayake pledged further tax cuts in next month's 2027 Budget while maintaining government revenue targets.
   • Saudi Arabia's Ministry of Finance announced a Pre-Budget Statement for fiscal year 2027 estimating total expenditures at approximately SAR1,392 billion and total revenues at approximately SAR1,202 billion.
   • Saudi Arabia's fiscal deficit for 2027 is estimated at around 3.6 percent of gross domestic product.
   • Ghana signed bilateral debt agreements with Germany and a landmark debt restructuring agreement with the United Kingdom.

   Still unconfirmed

   • Finance and Planning Deputy Minister Dr. Anil Jayantha Fernando stated that government capital market policies will be visibly larger in the 2027 Budget.

   What to watch next

   • Formal parliamentary submission and debate of Saudi Arabia's final 2027 budget figures
   • Official release of Sri Lanka's detailed 2027 Budget tax measures next month
   Sources used for this update (7)

   1. www.ft.lk — President pledges tax cuts in 2027 Budget | Daily FT
   2. pulseline.lk — AKD promises further tax cuts in 2027 Budget despite revenue ...
   3. mofep.gov.gh — Home | Ministry of Finance | Ghana
   4. www.newswire.lk — More tax cuts coming in 2027 Budget, President AKD announces
   5. www.spa.gov.sa — Finance Ministry Announces Pre-Budget Statement for FY2027 ...
   6. klse.i3investor.com — Budget 2027 Unveils RM2000 Minimum Wage, Tax Cuts and RM15bn ...
   7. www.ft.lk — Govt. signals stronger capital market push in 2027 Budget ...
   confidence 100%
4. 11d ago

   Russia Approves Record Defense Budget with New Tax Hikes

   Russia's State Duma passed the first reading of a draft three-year federal budget featuring record defense spending and a new wave of tax hikes to fund the war in Ukraine. This development aligns with global fiscal pressures as governments worldwide shape their 2027 budgets. Israel faces economic tests including debt approaching seventy percent of gross domestic product and defense demands nearing two hundred billion shekels annually. Meanwhile, the Maldives presented an MVR fifty-nine point seven billion state budget for 2027 to parliament.

   Why it matters

   Governments globally are balancing increased security expenditures and social programs against mounting debt burdens. Israel must weigh tax hikes and deep spending cuts while addressing housing costs and northern reconstruction. Russia's legislative action highlights the heavy financial toll of the ongoing conflict in Ukraine on national treasuries.

   What is confirmed

   • Lawmakers in the lower house State Duma passed the first reading of a draft three-year federal budget on Thursday, approving record defense spending alongside a new wave of tax hikes designed to fund the rising costs of the war in Ukraine.
   • An MVR 59.7 billion state budget for 2027 was presented to parliament.

   Still unconfirmed

   • Israel's next government must weigh tax hikes and deep spending cuts while rebuilding the north, tackling housing costs and restoring investor confidence with debt approaching 70 percent of GDP and defense demands nearing 200 billion shekels a year.
   • Italy plans to raise an additional five billion euros from financial institutions like banks, insurers, and state lender Cassa Depositi e Prestiti.
   • Morocco projects its budget deficit will remain steady at three percent of gross domestic product despite increased social program spending, tax cuts, and defense spending increases.
   • The Czech lower house granted initial support to a budget widening its deficit for a third consecutive year to fund state wages, healthcare, and infrastructure.

   What to watch next

   • Further readings and final legislative approval of Russia's draft three-year federal budget in the State Duma
   • Parliamentary debate and voting on the MVR 59.7 billion state budget for 2027 in the Maldives
   Sources used for this update (4)

   1. www.ynetnews.com — War debt, housing and defense: 10 economic tests facing Israel's next government
   2. www.finance.gov.mv — MVR 59.7 Billion State Budget for 2027 Presented to Parliament
   3. www.themoscowtimes.com — State Duma Passes Record Defense Spending Budget in First ...
   4. www.finance.gov.mv — Ministry of Finance and Public Enterprises
   confidence 100%
5. 14d ago

   Global Budgets Balance Deficits and Tax Plans

   Governments worldwide are shaping their 2027 budgets with contrasting approaches to deficits, taxes, and spending. Italy plans to raise an additional €5 billion from financial institutions like banks, insurers, and state lender Cassa Depositi e Prestiti, as announced by Deputy Prime Minister Antonio Tajani. Meanwhile, Morocco projects its budget deficit will remain steady at three percent of gross domestic product despite increased social program spending, tax cuts, and defense spending increases. Additionally, the Czech lower house granted initial support to a budget widening its deficit for a third consecutive year to fund state wages, healthcare, and infrastructure.

   Why it matters

   Budget planning cycles for 2027 are driving fiscal debates globally as administrations balance rising costs for social programs, infrastructure, and defense against revenue needs. Several nations are utilizing targeted tax adjustments and sector-specific levies to fund these expanded priorities. The ongoing adjustments highlight the fiscal pressures facing governments as they negotiate domestic spending demands alongside foreign investment concerns.

   What is confirmed

   • Italy plans to raise an additional €5 billion from the financial sector to finance tax cuts and spending hikes in its 2027 budget.

   Still unconfirmed

   • The finance ministry is exploring long-term capital gains tax relief to stem foreign fund outflows, with a decision likely in the Union Budget 2027-28.
   • Morocco is offering sweeping World Cup-related tax breaks alongside its defense spending increases in the 2027 budget.

   What to watch next

   • Final legislative votes on the Czech 2027 budget
   • Decisions on long-term capital gains tax relief in upcoming union budgets
   • Legislative enactment of Italy's financial sector levies
   Sources used for this update (5)

   1. live.euronext.com — Italian banks, insurers and state lender CDP will help fund ...
   2. www.marketscreener.com — Czech lower house gives initial approval to wider deficit in ...
   3. www.zonebourse.com — Le Maroc table sur un déficit budgétaire stable malgré les ...
   4. www.businesstoday.in — Finance ministry weighs options on LTCG tax, decision likely ...
   5. enterpriseam.com — Morocco’s 2027 budget lifts defense spending, offers sweeping ...
   confidence 90%
6. 20d ago

   Sri Lanka Unveils Rs 4.99 Trillion Budget for 2027

   The Sri Lankan government has announced its 2027 budget plan, raising total expenditure by 12.6 percent to reach Rs 4.99 trillion compared to the previous Rs 4.434 trillion. This expansion includes a 24.7 percent surge in capital spending. Meanwhile, public transport sectors in other jurisdictions voice concerns over resource allocation and fiscal federalism scheduled for January 2027, while regional budgetary planning continues to attract market attention globally.

   Why it matters

   Governments worldwide are rolling out fiscal blueprints for 2027, balancing infrastructure investments with rising operational costs and public services. In Sri Lanka, the significant bump in capital expenditure highlights a strategic push toward development financing. Observers monitor these announcements closely for impacts on national debt and macroeconomic stability.

   What is confirmed

   • The Sri Lankan government plans to increase total expenditure for 2027 by 12.6 percent to Rs 4.993 trillion.
   • Sri Lanka's 2027 budget marks a 24.7 percent surge in capital spending.

   Still unconfirmed

   • Hungary's 2027 budget may introduce new fiscal measures as bond investors await release details.

   What to watch next

   • Implementation of Sri Lanka's capital spending allocations
   • Parliamentary debates regarding the Rs 4.99 trillion budget breakdown
   Sources used for this update (6)

   1. jen.jiji.com — Gualtieri (Asstra): "Public transport in distress due to costs and missing resources, urgent interventions needed"
   2. jen.jiji.com — She feels ill at work but the nurse doesn't call 118, 56-year-old dies
   3. budapestmacrodesk.substack.com — Hungary’s 2027 budget lands today, with bond investors fixed ...
   4. www.moneynwealth.in — Union Budget 2027 Preview: Tax and Investor Guide | Money n ...
   5. srilankachronicle.com — Sri Lanka Unveils Rs 4.99 Trillion Budget for 2027, Marking a ...
   6. www.hirunews.lk — Sri Lanka’s 2027 government expenditure to rise 12.6% to Rs ...
   confidence 90%
7. 23d ago

   Malaysia Unveils RM459.8B Budget Ahead of Election

   Prime Minister Anwar Ibrahim presented a RM459.8 billion expansionary national budget for 2027 in parliament, aimed at easing living costs and supporting households. The spending package introduces higher minimum wages, personal income tax cuts, and new tax bands while attempting to balance targeted public relief with fiscal discipline. Opposition figures have characterized the spending plan as an election budget as the country enters the final stretch before a general election due by early 2028.

   Why it matters

   Malaysia is navigating structural challenges stemming from long-term budget deficits running for three decades. The fiscal plan seeks to deliver quick gains through wage hikes and tax relief while addressing investor demands for productivity and restraint. Analysts note the budget serves as a strategic pre-election maneuver to address persistent price pressures on citizens.

   What is confirmed

   • Malaysia has unveiled a RM459.8 billion budget for 2027.
   • Prime Minister Anwar Ibrahim presented the budget in parliament on Friday.
   • The 2027 budget includes personal income tax cuts and higher minimum wages.

   Still unconfirmed

   • Opposition leaders generally described the government national 2027 budget as an election budget.

   What to watch next

   • Implementation of the new 18 percent and 24 percent tax bands and RM12,000 personal relief.
   • Parliamentary debates on whether the expansionary spending adequately addresses long-term structural deficits.
   • Timing of the upcoming general election due by early 2028.
   Sources used for this update (18)

   1. finance.yahoo.com — Yahoo Finance - Stock Market Live, Quotes, Business & Finance...
   2. finance.yahoo.com — Markets: World Indexes, Futures, Bonds, Currencies, Stocks & ETFs...
   3. www.rotowire.com — 2027 NFL Mock Draft Simulator
   4. www.misslobang.my — Budget 2027 Income Tax Changes: Two Lower Rates, a RM12,000 ...
   5. www.straitstimes.com — Malaysia budget 2027: Anwar pours billions into election ...
   6. www.businesstimes.com.sg — Malaysia Budget 2027 offers higher wages, tax cuts, but can ...
   7. www.newfortunetimes.com — Malaysia’s RM459.8 Billion Budget Raises Wages, Cuts Taxes as ...
   8. jen.jiji.com — Formigli apologizes live: "I made a mistake, but I don't accept accusations of antisemitism"
   9. jen.jiji.com — Rome, journalist Gramellini's house burgled in Trevignano: investigations underway
   10. www.ram.com.my — Budget 2027: Broadly prudent, balancing fiscal consolidation ...
   11. www.bdo.my — Malaysia Budget 2027 Highlights & Summary - BDO
   12. www.thestar.com.my — Budget 2027: Are we spending on the right things? - The Star
   confidence 100%
8. 31d ago

   Russia and Iraq Unveil 2027 Budget Plans Amid Fiscal Pressures

   Russia and Iraq have advanced their 2027 federal budget proposals, confronting severe financial strains and projected deficits. Moscow submitted its fiscal package to the State Duma, dedicating 17.1 trillion rubles to defense while scaling back civilian sectors and increasing taxes. Meanwhile, Iraq is reviewing its draft 2027 budget, which sets spending between 217 trillion and 217.2 trillion dinars. The Iraqi proposal projects a deficit ranging from 43 trillion to 50 trillion dinars, depending on the calculations, while assuming an oil price of $58 per barrel and reducing the Kurdistan Region share to 6.1 percent.

   Why it matters

   Budget preparations across oil-dependent economies reflect mounting pressure from fluctuating global commodity prices and heavy military or administrative spending obligations. In Russia, Prime Minister Mikhail Mishustin signed an order routing massive resources toward military operations, triggering warnings from business leaders about weak investment and tax risks. In Iraq, parliamentary reviews highlight ongoing fiscal challenges as officials balance extensive spending against volatile oil revenue assumptions.

   What is confirmed

   • Russia submitted its 2027 draft federal budget to the State Duma, allocating 17.1 trillion rubles to defense.
   • Prime Minister Mikhail Mishustin signed the order for the Russian fiscal package.
   • Iraq's draft 2027 federal budget totals 217 trillion dinars ($164.9B) according to parliamentary Finance Committee member Abbas, or 217.2 trillion dinars according to unpublished draft figures.
   • Iraq's proposed 2027 budget assumes a $58 oil price.

   Still unconfirmed

   • Norilsk boss Potanin warned that Russia has not hit the economic floor and flagged tax risks, including a proposed 30 percent windfall levy on miners.
   • Iraq's projected budget deficit is about 43 trillion dinars or up to 50 trillion dinars ($38B), with the Kurdistan Region allocation falling to 6.1 percent.

   What to watch next

   • Legislative debates in the Russian State Duma regarding the adoption of the 2027 defense spending and tax measures.
   • Final parliamentary approval and allocation figures for Iraq's 2027 federal budget.
   Sources used for this update (8)

   1. www.zerohedge.com — S&P Set To Open At Record High As Oil Slides, Bond Rout Takes A Breather | ZeroHedge
   2. www.iraqinews.com — Iraq’s parliament to discuss 2027 budget with $48.8 billion ...
   3. theinsightinternational.com — Iraq’s draft 2027 budget plans 217 trillion dinars in ...
   4. shafaq.com — Shafaq News..Iraq’s 2027 budget draft sets 217T dinar spending
   5. www.malaysiakini.com — 'Reach for the skies, rooted to earth': Anwar sets tone for ...
   6. www.briefs.co — Potanin Says Russia's Economy Hasn't Found the Floor Yet, Flags Tax Risks to Investment
   7. finance.yahoo.com — Iraq’s proposed 2027 budget assumes $58 oil price
   8. www.briefs.co — Egyptian inflation eases to 13.9% in September, the lowest since February
   confidence 90%
9. 39d ago

   Russia Unveils 2027 Budget Deficit Plan

   Russia has submitted its 2027 draft federal budget to the State Duma, routing heavy funding increases toward military operations at the expense of civilian sectors. Prime Minister Mikhail Mishustin signed the order for the fiscal package, which allocates 17.1 trillion rubles to defense. This spending surge forces cutbacks across welfare, education, and healthcare while driving the national deficit higher. Moscow plans to run budget shortfalls over a three-year span, with tax increases anticipated to manage the mounting pressure.

   Why it matters

   The newly submitted draft budget marks the highest defense allocation recorded since the launch of the war in Ukraine in 2022. By dedicating 35% of the federal budget to the military, the government is squeezing non-defense sectors to sustain its campaign. Analysts note that these spending targets face severe strain and may not survive contact with reality as economic costs compound.

   What is confirmed

   • Russia plans to spend 17.1 trillion rubles on defense in 2027, marking a 27% increase.
   • Prime Minister Mikhail Mishustin signed the order submitting the draft federal budget for 2027-2029 to the State Duma.
   • Defense spending will make up 35% of the federal budget, pushing the deficit to 2.2% of GDP.
   • Russia plans to cut welfare, education, and healthcare funding in 2027.

   Still unconfirmed

   • Moscow's plan to fund another year of war by squeezing other sectors is unlikely to survive contact with reality.

   What to watch next

   • State Duma debates and legislative votes on the 2027-2029 federal budget draft
   • Official implementation of anticipated higher taxes to manage the budget deficit
   Sources used for this update (6)

   1. cepa.org — Russia's 2027 Budget: Guns Now, Pay Later - CEPA
   2. www.defensenews.com — Russia raises 2027 military spending by 27%, budget documents ...
   3. www.hindustantimes.com — More on army, less on schools: What we know about Russia's 2027 budget | World News
   4. www.briefs.co — Russia's 2027 Defense Budget Surges 27% - briefs.co
   5. meduza.io — Russia plans to run budget deficits for the next three years ...
   6. www.straitstimes.com — Russia to cut welfare and education funding in 2027 budget ...
   confidence 95%
10. 41d ago

    Russia Boosts 2027 Defense Budget to Record 17.1 Trillion Rubles

    Russia's Finance Ministry has submitted a budget proposal for 2027 that elevates military spending to 17.1 trillion rubles, which equals $202.58 billion. According to government documents reviewed by Reuters, this defense allocation represents a 27% increase over the 13.5 trillion rubles initially planned. The spending level stands as the highest recorded since the launch of the war in Ukraine in 2022. The fiscal package aims to cover mounting war expenditures and manage an anticipated budget deficit.

    Why it matters

    The escalating defense budget reflects the sustained financial toll of the ongoing conflict in Ukraine on public finances. Moscow continues to rely on aggressive fiscal planning, including domestic revenue measures and tax adjustments, to sustain its military operations despite broader economic headwinds.

    What is confirmed

    • Russia plans to allocate 17.1 trillion rubles, or $202.58 billion, for defense in 2027.
    • The 2027 military spending represents a 27% increase compared to the 13.5 trillion rubles originally budgeted.
    • The defense spending figure is the highest recorded since the start of the war in Ukraine in 2022.

    What to watch next

    • Legislative debates and formal votes on the 2027 budget draft in the Russian parliament.
    • Further official disclosures regarding the implementation of proposed tax hikes on passive income, e-commerce, and corporate windfalls.
    Sources used for this update (3)

    1. www.themoscowtimes.com — Government Raises 2027 Military Spending by 27%, Budget ...
    2. mongolia.robertritz.com — MongolBeat
    3. www.finance.gov.bw — Budget Documents 2026/2027 - Ministry of Finance
    confidence 100%
11. 43d ago

    Russia Unveils 2027 Budget Draft With 27% Military Spending Hike

    Russia's Finance Ministry has submitted its 2027-2029 budget proposal, featuring a 27% increase in military spending to 17.1 trillion roubles. The draft introduces fresh tax hikes on passive income, e-commerce, and corporate windfalls to cover soaring war costs and address a projected deficit of 2% of GDP. The proposal includes a progressive tax scale ranging from 13% to 22% on passive personal income, which is set to impact roughly 4 million high-income earners. The fiscal blueprint responds directly to severe economic challenges and rising budget deficits tied to the ongoing conflict against Ukraine.

    Why it matters

    Moscow faces mounting fiscal strain as the prolonged conflict in Ukraine demands continuous financial support. The newly introduced tax measures and spending increases show an intensified reliance on domestic revenue streams to sustain military operations. Outlets continue to analyze the broader implications of these budget priorities alongside low oil price assumptions.

    What is confirmed

    • Russia's Finance Ministry submitted the 2027-2029 budget draft on Thursday.
    • Military spending for 2027 is planned to increase by 27% to reach 17.1 trillion roubles.
    • The budget draft includes tax hikes targeting passive income, e-commerce, and corporate windfalls.
    • The proposal addresses a projected budget deficit of 2% of GDP.

    Still unconfirmed

    • Outlets differ on whether to frame the budget strictly around low oil price assumptions or overarching fiscal deficits.

    What to watch next

    • Final legislative approval and voting outcomes on the 2027-2029 budget draft in parliament.
    • Further modifications to the progressive tax scale or VAT adjustments on online purchases.
    Sources used for this update (7)

    1. www.globalbankingandfinance.com — Russia Plans Tax Hikes in 2027-29 to Fund Military Spending
    2. www.globalbankingandfinance.com — Exclusive-Russia raises 2027 military spending by 27%, budget ...
    3. www.newsbeep.com — Finance Ministry Unveils 2027 Budget Draft With Fresh Tax ...
    4. flipboard.com — Oyedele leads six-week review of tax reforms
    5. analystnewspaper.com — Russia's 2027-2029 budget draft includes tax hikes amid ...
    6. curiouscats.ai — Russia's Finance Ministry unveils 2027 Budget Draft with ...
    7. www.banxnetwork.com — Finance Ministry Unveils 2027 Budget Draft with Fresh Tax ...
    confidence 100%
12. 45d ago

    Russia's Finance Ministry Unveils 2027 Budget with Tax Hikes

    Russia's Finance Ministry has submitted its 2027-29 budget draft, proposing fresh tax hikes to fund the country's military spending and war deficit. The tax increases target passive income, e-commerce, and corporate windfalls. This move comes as Moscow struggles to cover the soaring costs of its war against Ukraine.

    Why it matters

    The proposed tax hikes are part of Russia's efforts to secure funding for its ongoing military activities in Ukraine. The Kremlin had previously insisted that no further tax increases were being discussed. The new budget draft is a significant development in Russia's economic planning amid the ongoing conflict.

    What is confirmed

    • Russia plans array of tax hikes in 2027-29 to fund military spending
    • The proposed tax hikes target passive income, e-commerce, and corporate windfalls
    • Russia's Finance Ministry submitted its draft budget proposal for 2027-29

    Still unconfirmed

    • The Kremlin previously insisted that officials were not discussing any further tax increases

    What to watch next

    • Implementation of the proposed tax hikes
    • Impact on Russia's economy and military spending
    • Potential responses from affected industries and households
    Sources used for this update (8)

    1. Financial Times — Russia raises taxes to fund its war in Ukraine
    2. Reuters — Russia plans array of tax hikes in 2027-29 to fund military spending
    3. The Moscow Times — Finance Ministry Unveils 2027 Budget Draft With Fresh Tax Hikes to Fund War Deficit
    4. TradingView — Russian central bank ready to loosen regulation on corporate loans to build anti-drone defences
    5. Українська правда — Having secured "election" victory, Kremlin plans tax increases to fund war
    6. flipboard.com — Finance Ministry Unveils 2027 Budget Draft With Fresh Tax Hikes to Fund War Deficit
    7. www.themoscowtimes.com — Finance Ministry Unveils 2027 Budget Draft With Fresh Tax Hikes to Fund War Deficit
    8. flipboard.com — Households pay more, state gains | eKathimerini.com
    confidence 85%