The Ministry of Finance proposed an amendment to direct the tax on excess profits to the Reserve Fund
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The State Duma Committee on Budget and Taxes approved an amendment according to which business payments for windfall tax will be sent to the Reserve Fund in the fall of 2023. The amendment was introduced by Deputy Finance Minister Alexei Lavrov. This is reported Forbes with reference to the broadcast of the committee meeting.
“(We offer.— “b”) to allow the government to increase the total volume of expenditures with the direction of the proceeds of the tax on excess profits to the Reserve Fund,” said Mr. Lavrov.
The State Duma Committee, considering for the second reading a bill on the introduction of a tax on excess profits of previous years, rejected proposals to withdraw from the windfall tax the marketing network of oil companies, stevedores, which during 2022 carried out coal transshipment, electric power companies with a state participation share of more than 20%, informs Interfax.
Revenues from windfall tax are estimated by the government at 300 billion rubles. The document is planned to be considered at the plenary session of the State Duma in the second reading on July 19.
2021-2022 Excess Profit Tax Bill government approved June 13th. Then Finance Minister Anton Siluanov said that these funds would go to social needs.
The document establishes a one-time tax for large companies whose average profit for 2021 and 2022 turned out to be more than 1 billion rubles; it will not affect companies created after 2020.
Read more in the publication “b FM” “Windfall tax looks to the future”.
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