Days after the Duma vote, Russia's Finance Ministry submits a 2027-29 budget with new tax rises

TASS (https://tass.com/economy/2192157) reports that on 24 September Russia's Finance Ministry submitted the draft 2027-2029 federal budget and a Tax Code bill to the government. It projects a deficit of about 2% of GDP a year. Tax measures include folding passive income into the 13-22% personal income tax scale, a 35% rate on dividends paid to non-residents, 22% VAT on cross-border e-commerce collected by platforms, a 100-ruble fee per small foreign parcel, and a 30% levy on mining and metals firms' windfall income from higher world prices. Defence remains the stated priority.

Interpretation: the Kremlin waited until the Duma election was over (#3t) and is now broadening the tax base instead of cutting war spending. Moscow is financing a long war through households, exporters and foreign investors, not a peace dividend. The windfall levy lets it tax commodity rents without raising headline corporate rates. The limit on this approach is growth: the Bank of Russia forecasts 0-1% for 2026 (Moscow Times, 11 September). The new Duma will pass it; watch whether the deficit target holds.