The Russian parliament is considering draft Law No. 1022669-7, which was submitted on 17 September 2020 and provides for the introduction of an increased income tax rate on higher-income individuals as announced earlier in the year by President Putin. This includes that the current 13% rate would continue to apply on individual income up to RUB 5 million, with income exceeding that amount subject to a new increased rate of 15%. The increased rate would apply for both resident and non-residen…