Deputies without enthusiasm adopted the bill on windfall tax in the first reading

The State Duma adopted in the first reading a resonant bill on a one-time collection from business excess profits, which is expected to bring 300 billion rubles to the budget. He was supported by 70% of deputies. The Secretary of State, Deputy Minister of Finance Alexei Sazanov, defending the initiative, recalled that the state is asking businesses to share the windfall profits, and not the total amount of revenues, and a relatively small part of them. The authorities plan to collect only 5% of excess profits, 95% remains at the disposal of companies, Sazanov stressed.

Andrey Makarov, chairman of the State Duma Committee on Budget and Taxes, who also delivered a report on the bill, admitted that the initiative came “not from a good life.” “The measure is forced,” said the deputy. “The government has proposed one of these options. Do I like this option? I don’t like any options for increasing taxes at all, I think that tax increases are bad as such,” he said.