The government expanded the list of companies exempted from excess profit tax
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The government approved amendments to the second reading of the bill on windfall tax for large companies, reported press office Ministry of Finance. At the same time, Deputy Finance Minister Alexei Sazanov answered journalists’ questions about whether the amendments would be “large-scale” and answered in the negative.
The amendments clarify the list of companies that will not pay excess profit tax:
- developers that implement projects involving citizens’ funds through escrow accounts, provided that these organizations did not pay dividends in 2021 and 2022;
- credit organizations and non-credit financial organizations in respect of which bankruptcy prevention measures are being taken;
- companies that had no sales revenue in 2018 and 2019.
In addition, for companies whose profits have halved in 2022 (compared to 2021), it is proposed to clarify the procedure for calculating the tax amount: it should not exceed 10% of profit for 2022, subject to non-payment of dividends for 2021-2022 years.
In the original version of the bill, an exception was provided for companies with a profit of less than 1 billion rubles; companies established after 2020; small and medium business companies; organizations paying the unified agricultural tax; companies in the oil and gas sector and coal mining.
The government submitted the bill to the State Duma on June 13. June 28 he was approved in the first reading. The government predicts that due to the windfall tax, the federal budget will receive an additional 300 billion rubles. The Ministry of Finance claimed that these funds would be used for social needs.
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