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Finance Ministry

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economy18 days ago•2 min saved

Russia's 2027 Budget Draft Imposes New Tax Hikes to Cover War Deficit

Russia's Finance Ministry has submitted a draft budget for 2027-2029 that introduces significant tax increases to address a widening fiscal gap caused by military spending. The proposal includes a progressive tax on passive income, higher levies on foreign investors, and windfall taxes on commodity producers. These measures aim to offset a projected deficit of 2% of GDP, though analysts note the revenue gains may be insufficient to fully close the gap between military costs and state income.

via themoscowtimes.com|

#budget-deficit #economy #finance-ministry

finance2 years ago•1 min saved

Japan's $62 Billion Yen Intervention Fails to Halt Currency Slide

Japan spent a record ¥9.8 trillion ($62.2 billion) in the past month to support the yen, which had fallen to a 34-year low against the dollar, highlighting the government's determination to counter speculators and the significant effort required to influence the currency market.

via The Japan Times|

#currency-intervention #exchange-rates #finance

economy2 years ago•2 min saved

"India's Economic Growth Projections: A $7 Trillion Aspiration by 2030"

India's finance ministry projects the country to become the world's third-largest economy by 2027 with a GDP of $5 trillion, driven by robust domestic demand and government reforms. The economy is expected to grow at or above 7% in fiscal year 2024, marking the third consecutive year of such growth. India's chief economic advisor aims for the country to become a developed nation by 2047. The interim budget, to be presented this week, is not anticipated to include major changes to spending or tax policies. Stock market optimism and hopes for further policy continuity are contributing to India's positive economic outlook.

via CNBC|

#economy #finance-ministry #gdp

economy3 years ago•1 min saved

Russia's Budget Woes Continue to Worsen in 2021.

Russia's budget deficit has exceeded the government's 2023 target in the first four months of the year due to wartime spending and falling energy revenues. The deficit rose to 3.42 trillion rubles ($45 billion) in January-April 2023, while revenues fell 22% to 7.8 trillion rubles and spending rose 26% to 11.2 trillion rubles compared to the same period last year. Oil and gas revenues dropped 52% to 2.3 trillion rubles, while non-oil and gas revenues increased by 5% to 5.5 trillion rubles.

via The Moscow Times|

#budget-deficit #economy #finance-ministry