The Ministry of Finance proposes to issue a one-time fee from business as an “emergency tax”

The Ministry of Finance proposes to issue a one-time fee from business – the so-called windfall tax – as an “emergency tax”. The possibility of establishing such taxes is proposed to be enshrined in the Tax Code (TC). This was reported to Vedomosti by two sources in companies – large taxpayers familiar with the proposals. According to them, the Ministry of Finance has prepared a separate draft law “On the excess profit tax of past years”, as well as amendments to Part 1 and Art. 270 h. 2 NK. The bill was sent to large taxpayers for comments, the interlocutors of Vedomosti specified.

Not only Russian, but also foreign organizations with a permanent representative office in Russia will fall under the obligation to pay the fee, the sources said. According to them, the bill also introduces a number of tax exemptions. The tax base is assumed to be zero if the arithmetic average of profit for 2021–2022 is does not exceed profit for 2018-2019. and if it is less than 1 billion rubles. According to the bill, companies producing oil, gas and coal, oil refineries, producers of liquefied natural gas with active production and export, as well as companies from the register of small and medium-sized businesses are exempt from paying tax, the sources explained. The fact that a one-time fee to the budget will be paid by all companies with a net pre-tax profit of more than 1 billion rubles, with the exception of enterprises in the oil and gas and coal sectors, as well as small and medium-sized businesses, was previously reported by Deputy Finance Minister Alexei Sazanov.