Siluanov: the project of a one-time fee from the business will be presented in the near future

Russian Finance Minister Anton Siluanov said that a legislative initiative on a mandatory one-time tax collection from large businesses (windfall tax) to the budget will be prepared in the near future. He announced this during the joint board of the Ministry of Finance and the Ministry of Economic Development.

During the meeting, Mr. Siluanov also said that the Ministry of Finance maintains plans for a gradual normalization of Russia’s budget policy with an exit to the primary balance of the budget by 2025.

Summing up the results of last year, the head of the Ministry of Finance said that the ministry managed to maintain confidence in the financial system of the Russian Federation, stabilize the ruble exchange rate and reach a positive trend in household incomes.

In addition, the minister said that Russia continues to reduce settlements in dollars, especially for export deliveries. According to him, the Russian Federation now puts on settlements in rubles and national currencies of friendly countries.

April 11 Deputy Finance Minister Alexei Sazanov declaredthat the rate of windfall tax has not yet been determined. According to him, a reduction in the rate for individual companies is possible only by decision of the government or the president. On the eve of Interfax, citing a source informedthat PhosAgro CEO Mikhail Rybnikov sent a letter to the Presidential Administration of the Russian Federation with a request to reduce the one-time fee to the budget.

Previously reportedthat the fee is proposed not to apply to the oil and gas, coal industry, small and medium-sized businesses and companies with pre-tax profits for 2021–2022 of less than 1 billion rubles. Mr. Siluanov predictedthat the contribution rate from additional profit for 2021-2022 will be about 5%.

Erdni Kagaltynov