Chamber of Commerce proposes to exempt SEZ residents from excess profit tax
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The Chamber of Commerce and Industry (CCI) proposed to exempt residents of special economic zones (SEZ) from windfall tax. This is stated in the conclusion of the business association for the second reading of the bill, excerpts from which are given “News”. However, we are only talking about companies that made capital investments in 2018 and 2019 and whose projects reached less than 50% of the planned production capacity.
According to the bill, which was approved On June 28, the State Duma in the first reading, a one-time fee will affect enterprises with revenues of more than 1 billion rubles. per year, provided that profit in 2021–2022 was cumulatively higher than profit in 2018–2019. Its rate will be 10% of the difference in profits when paid in 2024, but can be reduced to 5% if the company pays the tax in 2023.
However, as Sergei Katyrin, president of the Chamber of Commerce and Industry, notes, the document does not provide for an exception for taxpayers who made capital investments in 2018 and 2019, but did not conduct significant commercial activities and in fact did not have significant profits.
“According to the law, the income received by such companies in 2021-2022 is equated to excess profit, while in fact they were received not due to favorable market conditions, but due to the completion of the investment cycle and the project reaching its planned capacity,” said Mr. Katyrin .
The Chamber of Commerce proposes to exempt residents of special economic zones from excess profit tax who made capital investments in 2018 and 2019 and whose projects reached less than 50% of the planned production capacity.
A special economic zone is a territory with a specific legal status that provides a lower tax burden and comfortable conditions for science, research and production.
The State Duma adopted in the first reading a bill on windfall tax for large companies. The tax will be paid by companies whose average pre-tax profit for 2021-2022 exceeded RUB 1 billion. The government predicts that with the help of this collection the federal budget will receive an additional 300 billion rubles. As Finance Minister Anton Siluanov said, the funds will go to social needs.
More details – in the material “Kommersant FM” “Windfall tax outlined the criteria”.
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