The Ministry of Finance assessed the possible excess of excess profit tax collections
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Deputy Minister of Finance Alexey Sazanov admitted that windfall tax collections could exceed the planned threshold of 300 billion rubles. However, according to the deputy minister, in this case the maximum level of excess will be no more than 5%.
Answering a question from RIA Novosti about whether the volume of payments from companies for excess profit tax could exceed 300 billion rubles, Mr. Sazanov said: “If there is an excess in revenue, it will be insignificant – 5% maximum. Companies have the option to pay both this year and next year, but twice as much.”
Law on excess profit tax President Vladimir Putin signed August 4th. The law will come into force on January 1, 2024. The tax must be paid no later than January 28, 2024. The one-time business tax applies to companies whose profits for 2021 and 2022 exceeded 1 billion rubles. The tax rate is set at 10% of the excess profit. The rate can be reduced to 5% if the company pays tax in the current year.
Read more in the Kommersant article. “Excess profit has approached the budget”.
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