The Ministry of Finance approved the final version of the bill on excess profits tax

The Ministry of Finance approved the procedure for regulating a one-time tax on excess business profits (the so-called windfall tax) and sent it to departments and business associations with a request to agree before May 10, follows from a letter from Deputy Finance Minister Alexei Sazanov (signed on April 28, Vedomosti has the materials). The recipients of the document are the Ministry of Economic Development, the Ministry of Industry and Trade, the Ministry of Agriculture, the Ministry of Health, the Ministry of Energy, the Federal Tax Service, the Accounts Chamber, the Institute of Legislation and Comparative Law under the government, the Russian Union of Industrialists and Entrepreneurs (RSPP) and Delovaya Rossiya.

For the tax, two bills were required: a separate one “On the tax on excess profits of past years”, as well as amendments to Part 1 and Art. 270 part 2 of the Tax Code (TC). A one-time fee is planned to be formalized as an “emergency tax”, for this it is proposed to fix a new type of tax in the Tax Code.