Interfax: the rate of a one-time fee from business will be 10%, with early payment – 5%

A one-time fee from the excess profits of Russian business (windfall tax) for 2021-2022 will be 10% of the excess of profit over the figure for 2018-2019, writes Interfax with reference to sources familiar with the draft amendments to the Tax Code of the Russian Federation. In case of early payment – before the formal entry into force of innovations on January 1, 2024 – the amount of windfall tax will be 5%.

The interlocutors of the agency indicate that the formal tax rate will be 10%, and the “discount” will be registered as a tax deduction in the amount of the amount of funds donated to the federal budget from October 1 to November 30, 2023, multiplied by two. The Ministry of Finance expects that all potential taxpayers will use the mechanism.

According to the source, exceptions are made in the bill for oil, coal companies and LNG producers. Compilers are waiting for comments on the document from companies by the middle of the week. The Russian Union of Industrialists and Entrepreneurs will consolidate the position of entrepreneurs.

February 17 Finance Minister Anton Siluanov appreciated potential income from a one-time fee from Russian business of 300 billion rubles. Later, on February 21, the head of the RSPP Alexander Shokhin declaredthat the authorities of the Russian Federation agreed with the business this payment as a mandatory one.

Grigory Leiba