The Duma adopted a law on the tax on excess profits of large companies
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The State Duma adopted a new law on excess profit tax in order to increase federal budget revenues
State Duma deputies adopted a new law on excess profit tax in order to increase federal budget revenues. According to this document, large companies whose average pre-tax profit for 2021-2022 exceeded 1 billion rubles will be required to make a one-time payment of excess profit tax.
The law provides benefits and exceptions for certain categories of companies. For example, companies founded after 2020, as well as small and medium-sized enterprises that pay the unified agricultural tax, will be exempt from paying this tax. Also, companies whose activities are related to the oil and gas sector and coal mining will be exempt from excess profit tax, as they are already subject to additional tax liabilities for other taxes.
In addition, developers who raise funds from citizens through escrow accounts are excluded from the list of payers of excess profit tax (if they did not pay dividends in 2021 and 2022); credit and non-credit financial institutions that were in the process of preventing bankruptcy with the participation of the Bank of Russia and the DIA at the beginning of 2023; as well as companies that had no sales revenue in 2018 and 2019.
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