Raiffeisen estimates excess profit tax expenses up to 100 million euros
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Austrian banking group Raiffeisen Bank International (RBI) has estimated the cost of excess profits tax at 50 to 100 million euros. About it says in the company’s report for the first half of the year.
It is specified that if Raiffeisenbank pays the tax during the grace period, the costs will amount to 50 million euros. If the standard rate of 10% is applied, the company’s expenses will increase to 100 million euros.
In April, Chairman of the Board of Sberbank German Gref informed on the readiness of the organization to pay a one-time excess profit tax ahead of schedule. According to him, in this case, the payment will amount to 10 billion rubles.
28 July Federation Council approved corporate income tax law. According to the document, the tax will be levied on the excess of the arithmetic average profit for 2021-2022. over the arithmetic mean of profit in 2018–2019. The rate is set at 10%, the tax must be paid no later than January 28, 2024. At the same time, if the fee is paid from October 1 to November 30, 2023, the business will receive a “discount” and the rate will be halved to 5%.
The law provides for the exemption of a number of companies from paying this tax. This applies to companies producing oil, gas, coal, oil refineries, producers of liquefied natural gas with existing production and export. All participants in the registry will not pay tax SME and etc.
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